Jeera futures on the National Commodity and Derivative Exchange dip 2 per cent to Rs 15,202 a quintal on profit-booking. According to the data released on Wednesday, heavy rains in Gujarat coupled with higher arrivals in the domestic market also led to the downfall in jeera future. Though jeera is a rabi crop, trader believe that good monsoon will increase the ground water level and lead to a better harvest next year, says the BL report.
The market prices lowered by Rs 150 to Rs 200 a quintal at Rs 15,036 as farmers condensed their inventory before the onset of south-west monsoon. In spite of the current fall in jeera prices, general trend in the futures market seems to be strong due to good export and domestic demand. Jeera exports rose 40 per cent to 45,500 tonnes in FY’12, added the report.
