Higher production potential in Gujarat and Rajasthan caused Jeera to decline

Prices for jeera (cumin) saw a significant decrease of -1.68%, ultimately levelling at 36970. This was mostly due to increased production prospects in important areas like as Gujarat and Rajasthan. In the short run, it is anticipated that the vigorous Jeera seeding operations in Gujarat and the slow exports will put downward pressure on pricing.

Weather that has been favorable has made sowing easier, which has increased cumin cultivation significantly Gujarat has seen an astounding surge of 103%. The global market for Indian jeera has collapsed despite the promising production outlook. The higher pricing in India have led purchasers to choose other origins, such as Syria and Turkey.

In comparison to 115,748.90 tons during the same time in 2022, jeera exports from April to October 2023 decreased by 34.02% to 76,367.90 tons. The exports of jeera suffered a notable decrease of 46.77% in comparison to October 2022 and a loss of 13.39% in comparison to September 2023 in October 2023. With a small gain of 0.24%, Jeera prices closed at 38024.55 Rupees in Unjha, the largest spot market.

With a 3.08% increase in open interest to close at 3213, the market is technically under new selling pressure. At 36130, Jeera is now finding support; a breach below this level could put 35290 to the test. Resistance on the upside is seen at 37780; a move over that mark might result in a test of 38590.

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