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Jeera prices experienced a significant decline of -4.25%, closing at 56,485, primarily due to sluggish export demand. Global buyers have turned to alternative sources like Syria and Turkey, driven by higher Indian prices. Export activity is expected to remain slow in the coming months due to seasonality, but the limited availability of quality crops in the market will help limit losses. Despite the slowdown in exports, Indian jeera prices remain competitive in the global market, which has kept overseas demand subdued. However, the current price competitiveness doesn’t favour exporters, suggesting subdued export activity in the weeks ahead.
China, a major buyer of Indian jeera, has reduced its purchases in recent months, impacting India’s overall exports. There’s also uncertainty in the market dynamics, with the possibility of China resuming purchases in October-November before the new cumin arrives. In April-July 2023, jeera exports decreased by 7.99%, totalling 61,697.44 tonnes compared to the same period in 2022. July 2023 witnessed an export drop of 20.30% compared to June 2023 and a significant decline of 58.23% compared to July 2022. In the Unjha spot market, jeera prices concluded at 58,858.8 Rupees, marking a -0.55% decrease.
From a technical perspective, fresh selling pressure is evident, with a notable increase in open interest by 14.56%. Prices dipped by -2,510 rupees. Jeera currently finds support at 54,900, with a potential test of 53,300 below that. Resistance is expected at 58,900, with the possibility of prices reaching 61,300 if they rise.
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