Jeera prices rose 0.4% Wednesday, finishing at 22345, led by global customers preferring Indian jeera amid tighter worldwide supply. However, the upside was limited due to concerns about rising arrivals, with daily shipments of 10,000 to 12,000 bags in Rajkot Mandi exceeding demand levels.
New arrivals in Gujarat and Rajasthan have increased, raising hopes of adequate supply in the market. The boost in production is noticeable, with Gujarat expected to generate a record 4.08 lakh tonnes of cumin, a substantial increase over prior years. In Rajasthan, cumin production increased by 53%.
This jump in productivity, along with good weather conditions, has resulted in a doubling of output from the previous year, potentially leading to a large increase in cumin exports. Despite forecasts of higher exports in 2024, jeera exports decreased by 25.33% from April to January 2024 compared to the same period the previous year.
Volatile domestic prices and volatility in international cumin prices have contributed to this drop. Nonetheless, exports increased by 53.99% in January 2024 compared to January 2023, indicating that export quantities may improve.
