Due to a slowdown in the rate of arrivals and stockists and farmers holding onto inventory in anticipation of higher prices, jeera prices increased by 4.06% to close at 27300. A cautious approach from vendors is shown by the minor increase in jeera arrivals in major APMC mandies across India during the first week of May compared to the previous week.
Given the tightening worldwide supply of jeera, it is anticipated that export demand will increase, supporting further price movement upward. Jeera prices were driven higher by strong export demand as well as aggressive stockist buying. Favorable weather and a larger sowing area contributed to a notable boost in production in important producing regions like Gujarat and Rajasthan.
This production boom is anticipated to greatly increase cumin exports, counteracting the 2023 fall that was brought on by skyrocketing local prices. Jeera exports from April to February 2024 fell by 23.75% from the same period the year before, despite a rise in production.
The decline in exports was more apparent in February 2024, when it fell by 11.54% from January 2024. Because of the slowness in arrivals and the expectation of increased export demand, jeera prices continue to rise despite the reduction in shipments.
