| Date: |
22-07-2011 |
| Subject: |
Jeera May Gain On Export Demand |
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Moderately Bullish trend prevailed for Jeera as export queries and low arrivals supported the market trend. Traders expect overall trend to remain firm on rising exports for the commodity in coming weeks.
Rains in Gujarat had slight bearish impact on the market sentiments as the demand got adversely affected but that is considered to be temporary phenomenon only. Trend likely to remain up with intermittent profit booking.
Reports of adverse weather conditions in other major producers like Turkey and Syria have created apprehensions of lower output there and a possibility of delayed arrivals, originally scheduled from end-June onwards. Syrian production expected at 40000 tonnes and that in Turkey lower at 12-15000 tonnes.
Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tonnes. Better Indian quality and availability of stocks could shift the Gulf demand ahead of Ramzan towards India in the coming weeks.
Export demand from US and EU could also rise at these lower levels in coming weeks and that could have a moderate bullish impact on the prices.
Latest reports from Spice Board of India indicates the estimated exports of Spices for the period April-March 2010-11 have risen by 5% from 502,750 MT in 2009-10 to 525,750 MT in 2010-11. Jeera exports fell by 35% from 49,750 MT to 32,500 MT during the same period.
Source : commodityonline.com
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