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Spot Jeera Prices Up On Better Demand

16 Apr 2018 6:52 pm
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MUMBAI (Commoditiescontrol) - Jeera prices ruled higher at major spot markets in the country on Monday due to better buying against average arrivals.

At Unjha market yard, prices showed a rise of Rs 25-50 per 20kg amid arrival of 35,000 bags. Today, there was a slight increase in the demand.

Prices at Rajkot and Gondal markets also rose by Rs 20-30 per 20kg with arrivals of 3,500 and 1,800 bags, respectively.

Similarly, at major markets in Rajasthan, prices quoted up by Rs 50-100/100kg as per quality.

Meanwhile, ongoing crisis in Syria may impact jeera prices. Syria is India's tough competitor in the international market in terms of exports. Prices may see a jump ahead as the Syria crisis may shift export demand towards India. But how severe the crisis in Syria will be known in the coming days.

In a televised address to the nation in the early hours of Saturday morning, US President Donald Trump announced that US, UK and France have launched an airstrike in Syria in retaliation to the alleged chemical attack on a rebel town by the regime of Bashar Al Assad.

A trader from Unjha said that trade activites have badly affected due to ongoing cash crunch. Moreover, farmers are also not accepting cheques owing to difficulties in receiving cash through banks. Traders may go on an indefinite strike if situation doesn't improve in the near-term, he added.

Recent rainfall may cause moisture in the spice and may reduce the colour, which can lead to weakness in prices, he said further.

Meanwhile arrivals have started at major market yards in Rajasthan in full swing. As per local traders, pace of arrival may increase in coming days but uptrend on futures trading coupled with stockists buying at domestic market are likely to support jeera prices.

Traders also said that now trade activities are limited at market yards amid uncertainties over future trend as export demand for jeera may see a short-term decline due to cancellation of treaty between Vietnam and China relating to import from third countries. It should be noted that China is the biggest buyer of Indian jeera.

Before cancellation of treaty, there was very less duty on products exported via Vietnam. But rise in smuggling of Indian jeera through Vietnam boarder in China forced Beijing to ban import from third countries' products via Vietnam.

At NCDEX, Jeera May delivery last quoted (before halting of trade due to fire) higher by Rs 195 or 1.25 percent at Rs 15,850 after moving in the range of Rs 15,900 and Rs 15,685.

Rates in Rs/20kg:


Market

Verity

Min

Max

Prev Min

Prev Max

Arrival

Unjha

Rough

2375

2475

2350

2450

35000

Unjha

NCDEX

2700

2800

2650

2750

Unjha

Best Quality

3175

3275

3125

3225

Unjha

Bomabay BOLD

3050

3150

3000

3100

Rajkot

Europe Quality

2825

2950

2800

2900

3500

Rajkot

Singapore Quality

2725

2825

2700

2800

Rajkot

Discolor

2500

2700

2400

2700

Rajkot

Super Quality

2950

3050

2900

3000

Rajkot

Europe

3200

3300

3150

3150

Rajkot

Singapore

3125

3175

3050

3050

Gondal

Super Quality

2825

3000

2800

2975

1800

Gondal

Medium

2700

2825

2650

2775


(By Commoditiescontrol Bureau; +91-22-40015567)

       
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