Jeera Ends lower on surge in supply

Jeera prices closed lower by 1.36 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export demand. At the NCDEX, jeera futures for September 2015 contract closed at Rs. 15,920 per quintal, down by 1.36 per cent, after opening at Rs. 16,085 against the previous closing price of Rs. 16,140. It touched the intra-day low of Rs. 15,890.

Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year.India exports Jeera mainly to the US, UK, UAE, Japan, Brazil, Bangladesh, Singapore and many other countries. Other Major exporters are Syria and Turkey.At the NCDEX, jeera futures for September 2015 contract closed at Rs. 16,225 per quintal, up by 2.62 per cent, after opening at Rs. 15,880 against the previous closing price of Rs. 16,225. It touched the intra-day high of Rs. 16,230. Sentiment improved further as a result of reduced domestic supplies in the physical markets and some export enquiries. Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year. India exports Jeera mainly to the US, UK, UAE, Japan, Brazil, Bangladesh, Singapore and many other countries. Other Major exporters are Syria and Turkey.

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