Jeera costs increased as arrivals declined

As a result of lower arrivals due to severe rain in Gujarat and Rajasthan, jeera yesterday increased by 0.8% to 59690. To get their produce to market, farmers need help. However, it is anticipated that cumin arrivals will rise after the rains stop, which might alter market trends. Good export demand and anticipation of decreased stocks at the end of the current marketing year are additional factors supporting the situation.

Prices increased as concerns about the crops grew as a result of hailstorms and unseasonal rains in Rajasthan, the main producing state. When compared to the import amount of 64 metric tonnes in the month prior, cumin imports in May 2023 increased significantly by 227.73% to 210 metric tonnes. The demand for cumin is expected to exceed 85 lakh bags this year, while the supply is only expected to be 65 lakh bags, according to FISS projections.

In comparison to the 25,603.35 tonnes exported in the April–May 2022 period, jeera exports increased by 67.90% to 42,988.50 tonnes in the April–May 2023 period. The amount of jeera shipped in May 2023 was approximately 25,903.63 tonnes as compared to 17,084.87 tonnes in April 2023, a 51.52% increase. Jeera exports increased by 73.91% from 14,894.62 tonnes in May 2022 to about 25,903.63 tonnes in May 2023.

Jeera prices in Unjha, a significant spot market in Gujarat, decreased by -63.85 Rupees to close at 60086.95 Rupees per 100 kg. Technically, the market is being covered by short sellers as open interest has decreased by -5.13% to settle at while prices have increased by 475 rupees. Currently, Jeera is receiving support at 58960, and a move below that level could result in a test of the 58235 levels. Meanwhile, resistance is now most likely to be seen at 60315, and a move above that level could result in prices testing 60945.

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