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Syria Crisis To Fuel More Gains For Jeera: Angel Broking

Jeera exports increased by 32 per cent to 1,01,188 tonnes during first 10 months of the financial year 2016/17 (April-January) compared to export of about 76,663 tonnes during the same period last year.
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Syria Crisis To Fuel More Gains For Jeera: Angel Broking

Jeera for May delivery looks bullish and prices may rise to Rs. 20,000 -20,500 per quintal in the coming months as against current price of Rs. 19,030, said domestic brokerage Angel Broking. "Going forward, the movement of jeera will depend mainly on domestic consumption demand, forecast of monsoon and export demand throughout season. Jeera supplies from Syria and Turkey is expected to be lower this year due to unrest and geopolitical reasons which gave a boost to exports from India. The new crop in Syria and Turkey is harvested in Aug-Sep and till then Indian jeera will find a good market overseas," Ritesh Kumar Sahu of Angel Broking wrote in a note.

According to Angle Broking, Jeera futures fell 13.2 per cent from its peak of Rs. 19,230 per quintal in second half of January 2017 to Rs.16,690 in mid-March. And since then Jeera futures prices have jumped by 12.8 per cent in less than one month on the National Commodity and Derivative Exchange (NCDEX). It hit the upper circuit twice within a fortnight and recovered most of losses incurred during the first quarter of 2017 amid lower production outlook and forecasts for good exports demand.

"The production estimates for 2016-17 is lower due to decline in acreage in Gujarat. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 lakh tonnes (lt), down almost 11 per cent compared to last year production of 2.38 lt," the brokerage added.



Meanwhile, the export of jeera in 2016/17 is expected to be higher than the previous year. Jeera exports increased by 32 per cent to 1,01,188 tonnes during first 10 months of the financial year 2016/17 (April-January) compared to export of about 76,663 tonnes during the same period last year.



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