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Jeera Stays Under Pressure, Export Quotes Down 30% Over Year

Capital Market/ 15:56 , Mar 14, 2014

Spot Jeera extended its drop amid strady supplies. Prices are lingering around their multi year lows. Jeera prices have been under pressure for last few months amid hopes of a strong harvest. Prices have dropped since the last week of December as latest reports suggested that the Jeera sowing is turning normal after weather disturbances in Gujrat and some southern states. The commodity is quoting at Rs 10764 per quintal in Unjha today, down nearly Rs 200 per quintal on the day. Arrivals in Unjha were 40000 bags today- much in line with the trend in supplies in last few days. Latest data indicates that the acreage under Jeera stands at 397,300 hectares in Gujrat- the prominent producing state. This is up nearly 50% compared to last year when the crop suffered a setback. Traders are expecting that exports of the commodity should rise in coming months amidst reports of lower production in Turkey and Syria. Latest reports from the Spices Board peg exports at 86500 tonnes up by 95% during April-november 2013 compared with the same period a year ago. The commodity has lost nearly Rs 2000 in last two months. The export quotes in New York are hovering around $2750 per tonne, down nearly 29% over last one year.

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