Jeera futures settled 0.8% lower at ₹22,445 due to subdued demand and current export needs being met. However, concerns over stock shortages limited the downside. Farmers hold around 20 lakh bags of jeera, with only 3-4 lakh bags expected to be traded by the season’s end.
India’s jeera production for 2023-24 is expected to match last year’s levels, with 8.6 lakh tonnes harvested from 11.87 lakh hectares. Indian jeera remains the cheapest globally, priced at $3,050 per tonne, drawing strong international demand, particularly from China.
Geopolitical tensions in the Middle East have also supported demand for Indian jeera, benefiting exporters from Gujarat. Exports rose 74.04% year-on-year during April-November 2024 to 147,006 tonnes, up from 84,467 tonnes in the same period of 2023.
