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Jeera Update

posted Jul 17, 2011, 1:12 AM by NAVYUG Info

Jeera has been firm on low arrivals amidst rising export demand. Traders expect the short term trend to remain volatile with the demand and arrival figures determining the market trend. However, medium term outlook looks firm on expected rise in further demand.

Reports of adverse weather conditions in other major producers like Turkey and Syria have created apprehensions of lower output there and a possibility of delayed arrivals, originally scheduled from end-June onwards. Syrian production expected at 40000 tonnes and that in Turkey lower at 12-15000 tonnes. Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes. Higher acreage expected in Gujarat and Rajasthan due to good moisture content in the soil.

Better Indian quality and availability of stocks could shift the Gulf demand ahead of Ramzan towards India in the coming weeks. Export demand from US and EU could also rise at these lower levels in coming weeks and that could have a moderate bullish impact on the prices.

Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-March 2010-11 have risen by 5% from 502,750 MT in 2009-10 to 525,750 MT in 2010-11. Jeera exports fell by 35% from 49,750 MT to 32,500 MT during the same period.