Jeera Rallies, Acreage Down 15% On Year In Leading Producer Gujarat

8 Dec 2022 , 12:27 PM

NCDEX Jeera futures for January 2023 continue to surge amid sowing worries and good demand prospects. The commodity has been witnessing consistent buying support over last few days after testing a six week low under Rs 23600 per quintal in late November 2022. The prices slipped throughout November as markets eyed the start of sowing. But a lax supply response from the growers has pulled up the commodity thereafter. The latest data showed that around 1.44 lakh hectares were sown under Jeera in Gujarat till 5th Dec22 compared to 1.71 lakh hectares of previous year, recording a slide of 15%. This has supported the commodity in futures while demand in spot markets held largely steady. The benchmark NCDEX January 2023 futures are currently quoting at Rs 26195 per quintal, up 1.28% on the day. The counter has rallied around 5.20% in last one week.Powered by Commodity Insights