Prices for jeera (cumin) saw a notable drop of -5.99% to close at 31695, which was ascribed to promising production prospects in Gujarat and Rajasthan. The growth in Jeera seeding, especially in Gujarat, was notable as it jumped by 102% to 544,099.00 hectares. Cumin cultivation increased by 13% in Rajasthan to 6.32 lakh hectares.
The world market for Indian jeera experienced a decline because of high pricing, even with strong planting efforts driven by excellent weather, leading consumers to look for substitutes in Turkey and Syria. The rapid growth of Jeera farming in India resulted in a sharp decline in exports from April to October 2023, falling by 34.02% over the same period in 2022.
Exports of jeera fell sharply by 46.77% in October 2023 alone as compared to October 2022. Prices on Unjha, a significant spot market, settled at 33809.55 Rupees, indicating a slight decline of -0.18%. Due to the current lack of price competitiveness in the worldwide market as well as seasonal trends, it is anticipated that the muted export scenario would continue in the upcoming months.
The market is going through a protracted liquidation, as seen by the 7.27% decline in open interest that led to the market’s settlement at 2601. Jeera prices have dropped by -2020 rupees, but they still find support at 31220. If this level is broken below, 30750 may be tested. On the upside, 32630 is expected to provide support; a break over here could send prices as high as 33570.
