Jeera prices plunge on higher arrivals

AHMEDABAD, Apr 24: Jeera (cumin seed) seems to be on a slippery ground with prices plunging amid heavy arrivals and dismal export demand. The prices are ruling in the range of Rs 12,500 to Rs 14,000 per quintal at the spot market in Unjha after hitting a peak of Rs 18,000 per quintal in March. In the futures market, jeera prices have tumbled to Rs 15,152 per quintal on NCDEX recently, after hitting the peak of Rs 17,461 per quintal on March 2, 2011. According to market insiders, the bearish trend may persist for a longer period as international crop outlook from Syria and Turkey is yet to come out. Besides the international factors, the fall in prices was attributed to the increased arrivals and poor export demand. "The arrivals of jeera are high in the range of 25,000 to 28,000 bags of 60 kg each at Unjha mandi but the sentiment among the buyers is negative, hence prices are severely under pressure. Export demand is very low. - Business Standard