Jeera prices closed at 27,880, up 0.76% from the previous day due to strong export and local demand and limited supply worldwide. Farmers who were holding back goods in anticipation of higher prices helped to support the upward shift in market sentiment.
Expectations of stronger production this season which is expected to be 30% higher at 8.5–9 lakh tonnes due to additional planting areas in Gujarat and Rajasthan capped the upside, though. Production of jeera has increased dramatically over the world, especially in China, where it has more than doubled to 55–60 thousand tonnes from earlier levels.
Similar preparations are being made in nations like Syria, Turkey, and Afghanistan in anticipation of the imminent release of new seeds. Despite the present positive trends, this supply inflow is anticipated to push prices lower. India’s jeera sowing area has increased significantly, with Rajasthan up 16% and Gujarat seeing an astounding 104% growth.
Record output predictions in Gujarat have signaled a good harvest year for the spice. Analysts anticipate a large increase in exports following a turbulent period in 2023 marked by a hike in domestic prices, a development that has also affected trade dynamics.
