Jeera soars, spot markets to focus on coming harvest

NCDEX Jeera futures are soaring amid continued positive outlook towards global demand as situation in Middle-East remains tense. Market is likely to shift its focus onto the sowing season in coming weeks to assess domestic availability after a few months. According to data from Federation of Indian Spice Stakeholders (FISS), cumin seed exports in July, Aug and Sep stood at 52,022 metric tonnes (MT), up 128% year-on-year against 22,830MT in the same period last year. This has propped up Jeera in local markets and some bargain buying is also coming into play now after latest tumble in the prices. The wholesale price index of Cumin or Jeera stood at 206.30 in October, down around 3% on month and witnessing near 50% decline on year ago basis. The NCDEX Jeera futures for December are trying to stabilize over last few days and saw a good spike today. The counter quotes at Rs 25200 per quintal, up around 0.84% on the day.

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