Strong export demand and aggressive stockist buying drove up Jeera prices

Due to strong export demand and aggressive buying by stockists, jeera prices rose an amazing 5.91% throughout yesterday’s trading session, ultimately finishing at 26540. Due to limited global supply, Indian jeera is still chosen by consumers worldwide, albeit the upside was slightly constrained by the potential for more pressure from more entrants into the market.

An imbalance between supply and demand has resulted from the daily influx of 10,000 to 12,000 bags of jeera into Rajkot Mandi; in recent weeks, additional arrivals have also been reported in Gujarat and Rajasthan.

Major cumin-producing states like Gujarat and Rajasthan have seen an incredible rise in production; in Gujarat alone, cumin production is expected to reach a record 4.08 lakh tonnes, a notable increase over prior years.

Trade specialists predict that by February 2024, cumin exports will have increased significantly, with estimations of 14–15 thousand tonnes. But last year, as a result of skyrocketing domestic prices, cumin exports fell, with a 23.75% decrease in exports from April to February of 2024 compared to the same period in 2023.

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