Jeera prices closed at 29,620 yesterday, up 0.63% over yesterday’s close due to robust export and local demand and limited global supply. Farmers who were holding onto their goods in anticipation of higher prices provided support to the market and helped it to rise.
Expectations of increased production this season, however, limited the gain and may have put downward pressure on pricing. The production of jeera in India is anticipated to climb significantly this season, by 30%, reaching 8.5-9 lakh tonnes.
This increase is mainly due to a large increase in the area under cultivation; Gujarat and Rajasthan have increased their sowing areas by 104% and 16%, respectively. The forecast for cumin production has improved globally as well, with nations like China, Syria, Turkey, and Afghanistan increasing their output in reaction to high prices from past seasons.
This additional supply inflow, which is anticipated in June and July, can cause a price adjustment even with the robust market at the moment. India’s jeera exports demonstrated durability in the export arena, rising significantly year over year.
