MCX TIPS- JEERA MARKET UPDATE BY MARKET MAGNIFY

Jeera settled down by -1.95% at 15880 on account of higher supply from the producing regions in the midst of decline in the export demand. Jeera settled down by -1.95% at 15880 on account of higher supply from the producing regions in the midst of decline in the export demand. Further, sowing progress of jeera in non-irrigated fields due to monsoon rains in August too fuelled the downtrend. As per the Agriculture Ministry, around 2.14 lakh ha crop has been damaged in Rajasthan, while 9,000 ha was damaged in Gujarat. In Gujarat, the total acreage is down 42% to 2.64 lakh ha compared to 4.54 lakh ha in 13-14. Jeera lost ground to coriander, fennel and fenugreek seed on comparatively lesser profit realisation in jeera during the last 2 years.

The demand for Indian jeera export may be lower for next 2 months but there is possibility of good demand after that as Syria and Turkey jeera may come to world market in August- September.

 According to latest spice board press release, cumin export is stood at 155,500 tonnes for 2014-15 period and earned foreign exchange worth Rs 1,838.20 crore while in 2013-14, the figures stood at 121,500 tonnes valued at Rs 1,600 crore. As per fourth advance estimate of Gujarat State, production is expected at 1.58 lt in 2014-15, which is 54.3 % lower, compared to last years’ production of 3.46 lakh tonnes.
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