Spot Jeera Declines By Rs 10-25/20Kgs in Unjha, Rajkot; Futures Extend Southward Move

Mumbai (Commodities Control) - Spot jeera prices dropped across all the major mandis in the country. Most of the varieties declined by Rs 10-25 per 20 kgs across Unjha and Rajkot on Tuesday. Meanwhile, Futures ended lower on Monday.

On NCDEX, December and April futures moved lower by Rs 165 and Rs 170 to settle at Rs 13,965 and Rs 14,200 per Quintal.

Meanwhile the market is eyeing the sowing trends in the coming harvest. The latest sowing data from Gujarat showed that the acreage under Jeera stood at 50,496 hectares as on 17th November 2020, marking a sharp spurt of 156% compared to 19,723 hectares at the same time last year.

Today Unjha mandi reported arrivals of 14,000 bags of jeera, unchanged from the last session. Meanwhile all the jeera varieties shed Rs 15 per 20 kgs, here. Rough variety of Jeera was quoted at Rs. 2235-2305 per 20 kg. NCDEX Jeera was priced at Rs. 2350-2455 per 20 kg. Bombay Bold was quoted at Rs. 2605-2705 per 20 kg and Best quality was quoted at Rs 2555-2605.

In Rajkot, jeera varieties shed Rs 10-2. While Europe Quality fell Rs 25 to be quoted at Rs. 2530-2600, Singapore and Discolour shed Rs 10 per 20 Kgs each, to be quoted at Rs. 2440-2540 and Rs. 2390-2440 respectively. Meanwhile super quality was quoted at Rs. 2650-2700,Europe-Mundra at Rs. 2880-2900 and Singapore-Mundra at Rs. 2790-2800 per 20 kg. All the three varities were priced uncahnged. The mandi reported steady arrivals of 800 bags unchanged from last session.

Analysts see price pressure for jeera in the coming days. FISS estimates 2020-21 jeera output in Syria at 30,000 tonnes vs 17,000-18,000 tonnes last year and for Turkey the production is pegged at 12,000-15,000 tonnes vs 5,000-7,000 tonnes. Indian jeera benefitted in the last two years due to lower output in the two producing countries, however production rise in these will affect demand for Indian spice, thus capping further price rise.