Peak arrivals in the domestic market coupled with reduced overseas demand led Jjeera spot prices and futures to settle 2.1% and 8.16% lower w-o-w. Carryover stocks of jeera are expected to be around 7-8 lakh bags as compared to 4-5 lakh bags in the last year.
Production, Arrivals And Exports
Unjha markets witnessed arrivals of 28,000 bags, 7,000 bags lower than the previous day, while offtakes remained the same at 29,000 bags on Friday. Production of jeera in 2011-12 is expected to be around 35 lakh bags as compared to 29 lakh bags in 2010-11, with each bag weighing 55 kgs (Source: spot market traders).
According to Spices Board of India, exports of jeera during April 2011- January 2012 stood at 34,500 tonnes as compared to 22,450 tonnes in 2010-11, an increase of 54%. However, month-on-month exports of jeera witnessed a decline of 40%.
Jeera futures in the intraday are expected to remain bearish owing to peak arrivals in the domestic market.
In the medium to long-term (May -June 2012) prices are likely to remain weak, owing to bumper production this season. Prices will also take cues from the progress of sowing of jeera in Syria and Turkey, the other major producers of the spice.
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NCDEX Jeera Dops On Peak Arrivals: April 16, 2012
Published 04/16/2012, 04:54 AM
Updated 05/14/2017, 06:45 AM
NCDEX Jeera Dops On Peak Arrivals: April 16, 2012
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