Jeera declined due to fall in export demand

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Jeera declined due to fall in export demand
On June 1, 2011, the prices of jeera for the August contract by Rs 33, or 0.22 per cent to Rs 14,880 per quintal, with an open interest of 5,982 lots at the National Commodity and Derivatives Exchange (NCDEX) since the traders offloaded their holdings tracking the decline in the export demand.

The spice for the June contract also traded lower by Rs 19, or 0.13% to Rs 14,075 per quintal, with a business volume of 12,918 lots at the NCDEX.

Cumin (Cuminum cyminum) is a flowering plant from the family Apiaceae. The plant is 15 to 50 cm in height. Its fruit is of commercial importance and is elongated, ovoid, 3-6 mm long.

Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year. Gujarat and Rajasthan are the major producers of cumin seed in India. Global export demand is about 30,000 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.

India being the largest producer and consumer, the price of Jeera is mainly determined by domestic factors. In terms of exports India faces stiff competition from Syria which exports about 80% of its produce.

Read more about: cumin, jeera, commodities, ncdex, futures
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