Decline in demand drag down Jeera futures

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Jeera prices closed lower by 0.47 per cent on Monday 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 October 2014 contract closed at Rs. 10,610 per quintal, down by 0.47 per cent, after opening at Rs. 10,665 against the previous closing price of Rs. 10,660. It touched the intra-day low of Rs. 10,585.

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.

Story first published: Tuesday, September 23, 2014, 12:20 [IST]
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