Jeera prices fall on slump in demand

KOCHI: Jeera prices have dropped from last week’s record high of Rs 184 per kg on the National Commodity and Derivatives Exchange ( NCDEX) with a slump in demand after Syria, India’s main rival in cumin exports, began shipments.

The jeera July futures for delivery on NCDEX on Tuesday hovered around Rs 175 per kg, about 10% higher from a year earlier. The industry expects prices to surge again after a few months when exports pick up. “Syria is active in the market and Turkey is likely to enter in a couple of weeks. Syrian consignments have the advantage of being relatively pesticide-free, though there is delay in shipments reaching the port due to internal problems,” said Dipak Parikh, partner of Kanu Krishna Corporation, a major exporter.

Jeera is the largest exported spice from India after chili. At 3.3-3.5 lakh tonnes, its production in 2015-16 was 10-15% higher than a year ago. Export of the commodity in 2015-16 was lower by 37% in volume.