Good soil moisture caused Jeera to benefit from short covering as prices dropped

Short covering following a price decrease caused Jeera to rise by 1.5%. Good weather and enough soil moisture will probably encourage planting and keep the sowing outlook normal. The recent price increase was caused by short-term interest from stockists, but the poor demand for Indian jeera globally was caused by competitive prices in other nations, such as Syria and Turkey, which had an impact on the slow foreign sales.

Since Indian jeera’s price competitiveness does not now advantage exporters, export operations are projected to remain limited. The possibility of China purchasing Indian cumin in October or November could increase market turbulence. According to FISS projections, this year’s cumin demand may outpace supply, with 65 lakh bags expected to be supplied compared to 85 lakh bags being demanded.

Compared to the same time in 2022, jeera exports witnessed a notable decline of 23.76% between April and August of 2023. 8,081.60 tons were exported in August 2023, a decrease of 66.98% from the same month the previous year. Prices in the significant spot market of Unjha rose by 0.04% to 45429.75 Rupees.

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