Prices for jeera fell sharply, by -5.6%, to settle at 29260, primarily due to increased production forecasts in Gujarat and Rajasthan. Short-term price pressure is being caused by Gujarat’s aggressive Jeera seeding as well as a decrease in exports. Thanks to the excellent weather, sowing operations have gone smoothly.
According to the most recent data, Gujarat saw a significant increase in Jeera seeding, expanding by around 102% over the previous year, while Rajasthan saw a 13% increase. As of December 26, 2023, Gujarat had sown 544,099.00 hectares of jeera, a notable increase over the 268,775.00 hectares sown in 2022.
But even with increased production, there is less demand for Indian Jeera around the world as consumers choose products from other countries, such as Syria and Turkey, because Indian prices are so much higher. Due to seasonality and Indian Jeera’s current price competitiveness in the international market, export activities are anticipated to remain muted in the coming months.
Approximately 6,228.01 tons of Jeera were shipped in October 2023, a decrease of 13.39% from September 2023 and a notable 46.77% from October 2022. From a technical perspective, the market saw long liquidation as prices dropped by -1735 rupees and open interest dropped by -2.25% to settle at 2343.
