Jeera futures prices climb 8% in a month
KOCHI: Jeera prices have firmed up with strong export demand and a likely shortfall in production.
Futures prices have jumped by 8% in a month on National Commodities and Derivative Exchange (NCDEX). It hit the upper circuit and closed at a two-month high on Thursday, when futures for April delivery rose 3.98% to . 179.05 per kg. On Friday, April futures closed at Rs 179.85 per kg.
With harvest getting over in the main growing areas of Gujarat and Rajasthan, an anticipated decline in production is spurring prices.
“There is intense speculative in the exchange. It is also close to the fiscal year ending. There is good export demand with China being the active buyer," said Shailesh Shah, director of Jabs International, a major exporter. The carryover stock in the country is also low, he said.
Since the harvest season in Syria and Turkey is due only in July, India is the sole supplier in the world market. As per Department of Commerce data, jeera exports increased 37% to 93,724 tonnes for nine months to December 2016 from a year ago.
In 2015-16, jeera exports stood at 98,700 tonnes valued at Rs 1,567 crore. “Jeera prices have been quite volatile this year as price dropped from a high of Rs 182 per kg in midJanuary to Rs 167.30 per kg in February last week before rising again in March," said Ritesh Kumar Sahu, analyst at Angel Broking.
Futures prices have jumped by 8% in a month on National Commodities and Derivative Exchange (NCDEX). It hit the upper circuit and closed at a two-month high on Thursday, when futures for April delivery rose 3.98% to . 179.05 per kg. On Friday, April futures closed at Rs 179.85 per kg.
With harvest getting over in the main growing areas of Gujarat and Rajasthan, an anticipated decline in production is spurring prices.
“There is intense speculative in the exchange. It is also close to the fiscal year ending. There is good export demand with China being the active buyer," said Shailesh Shah, director of Jabs International, a major exporter. The carryover stock in the country is also low, he said.
Since the harvest season in Syria and Turkey is due only in July, India is the sole supplier in the world market. As per Department of Commerce data, jeera exports increased 37% to 93,724 tonnes for nine months to December 2016 from a year ago.
In 2015-16, jeera exports stood at 98,700 tonnes valued at Rs 1,567 crore. “Jeera prices have been quite volatile this year as price dropped from a high of Rs 182 per kg in midJanuary to Rs 167.30 per kg in February last week before rising again in March," said Ritesh Kumar Sahu, analyst at Angel Broking.
