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Jeera (cumin) prices witnessed a significant decline of -5.99% to settle at 31695, attributed to optimistic production prospects in Gujarat and Rajasthan. The surge in Jeera sowing, particularly in Gujarat, marked a remarkable increase of 102%, reaching 544,099.00 hectares. Rajasthan also recorded a 13% rise in cumin cultivation, totalling 6.32 lakh hectares. Despite robust sowing activities fueled by favourable weather conditions, the global demand for Indian
faced a downturn due to elevated prices, prompting buyers to explore alternatives in Syria and Turkey.
The aggressive expansion of Jeera cultivation in India led to a substantial drop in exports during April-Oct 2023, plunging by 34.02% compared to the same period in 2022. In October 2023 alone, jeera exports experienced a sharp decline of 46.77% compared to October 2022. Unjha, a major spot market, saw prices settling at 33809.55 Rupees, reflecting a modest decrease of -0.18%. The subdued export scenario is expected to persist in the coming months, influenced by both seasonal trends and the current lack of price competitiveness in the global market.
From a technical standpoint, the market is undergoing long liquidation, witnessing a 7.27% drop in open interest to settle at 2601. Despite the decline in prices by -2020 rupees, Jeera finds support at 31220, and a breach below this level could lead to a test of 30750. On the upside, resistance is anticipated at 32630, and a breakthrough above this level might propel prices to test 33570.
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