MUMBAI (Commoditiescontrol) - With the hope of increase in the consumption during the coming festival month, the traders are not hesitant to stock jeera even at a higher price.
Besides, the pace of arrival has become very weak at the mandis, which may push trading activities for the available supply.
At Unjha, which is the the largest spot market of jeera in the country, arrivals have been decreasing day by day. Apart from this, arrivals have also weakened at other major mandis in Gujarat and Rajasthan, which could lift prices in the upcoming festival season due to lower supply.
According to reliable sources, China and Bangladesh are now importing the spice in a sporadic manner. Imports are being reported from Vietnam too.
The global production has been estimated lower this year, and therefore, the demand for Indian spice is continuously increasing in the international market.
Meanwhile, Indian rupee has reached its lowest level due to which the importers seem to be doing strong buying. If the Indian rupee moves in the same way, the export may be even more.
According to sources, China is currently buying jeera from India through Bangladesh and its allies (from which bangladesh has its bilateral trade agreements), to get tax relief.
It is worth mentioning that around 70 to 73 lakh bags of jeera production were recorded in the country this year, which is more than the average annual crop. After such a crop, nobody thought that such a sharp rise in prices can be seen.
Currently, the market is increasingly volatile as the speculators are being seen active in the market. The current scenario may even extend.
Moreover, Gujarat has recorded deficient monsoon this year and it is believed to be affecting the crop of jeera in the state. If deficiency in rainfall continues, the chances of the increase in the price will be stronger.
(By Commoditiescontrol Bureau)
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