Last Updated : 28 July 2012 at 10:15 IST
India Jeera surges on strong overseas demand
Jeera futures expected to continue firm trend in the coming days on the back of limited stocks in the markets amid firm export demand. The spot remained positive on lower output in countries like Syria and Turkey.
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MUMBAI (Commodity Online): Jeera futures expected to continue firm trend in the coming days on the back of limited stocks in the markets amid firm export demand. The spot remained positive on lower output in countries like Syria and Turkey.
Expectations are that large export orders may be diverted to India from the international markets due to the ongoing civil war in Syria which is hampering supplies from there.
Production in Syria and Turkey is being reported around 1,000 tonnes and around 5,000 tonnes, lesser than expectations.
According to Spices Board of India, exports of Jeera in April 2012 stood at 2,500 tonnes as compared to 2,369 tonnes in April 2011, an increase of 6%.
Production of jeera in 2011-12 is expected to be around 40 lakh bags as compared to 29 lakh bags in 2010-11 (each bag weighs 55 kgs).
In spot markets, at Unjha, a key market in Gujarat, jeera gained 40 rupees to 16,357 rupees per 100 kg on Friday. In futures trading, Jeera August contract at NCDEX was slightly lower at Rs.1622.50 per quintal.
Jeera prices are expected to trade sideways as market participants may book profits at higher levels. However, export demand is likely to support prices at lower levels, as per an analyst with Angel Commodities.
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