Jeera: Supply overrun

COMMODITY SPIKES

An estimated 30 per cent surplus output this year has hampered jeera prices in the spot as well as the futures market.

According to market sources, export demand has also dried up. The demand for new crop from the domestic market, too, continued to remain under pressure because of high moisture content.

An Unjha-based trader said the demand for last year's jeera, as a consequence, continues. Supplies continue to hit mandis amid poor offtake. Prices are likely to see another downward march this fortnight when harvesting of the new season peaks.

At present, 1,000-1,500 bags of 60 kg each hit the market. Arrivals are expected to hit the 10,000-bag milestone in 15-20 days. Jeera hit the lower circuit on Friday on NCDEX, thus, recording a 10 per cent decline to end the week at Rs 9,103 a quintal.