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Jeera Extends Gain On Weak Sowing, Strong Demand

Capital Market/ 14:30 , Dec 08, 2012

Jeera futures extended the gains on the back of weak sowing and lower arrivals. The NCDEX Jeera most active March contract ended the Saturday's session at Rs 15190, up Rs 50 or 0.33% from last close. 

Jeera Sowing in Gujarat is lower by 25-30%, but it is expected to gain momentum in the coming days. Sowing in the state Rajasthan started and the exact information on sowing of both states will be available only by the end of December. The area under coverage and climate condition is very crucial for the yield of the crop. Higher stocks for delivery on the exchange warehouses have pressurized prices. Jeera is grown as a rabi crop in India and it is also grown well in sub-tropical climate too, best suited for sandy soil. It requires less water and more cold for its better growth with ideal temperature of 25 to 30 degree. Jeera crop is highly sensitive to rain, if rain occurs during harvesting time (February to March) quality of the Jeera will be badly affected besides quantity damage (due to fungal diseases). Arrivals are weak in local mandis and export demand is likely to fetch in coming days as Syria and Turkey supply constraints exits. According to markets sources about 75% exports target has already been achieved due to a supply crunch in the global markets. Higher stocks for delivery on the exchange warehouses may pressurize prices. 

January cumin seed gained more than Rs 400 per quintal from Friday's low lead by strong buying support. The contract ended the Saturday's session at Rs 15190, up Rs 50 or 0.33% from last close. The open interest added 72 tonnes to 12,771 tonnes, indicating fresh buying.


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