Jeera April futures closed higher on Monday due to expectation of good demand for exports coupled with lower than expected supplies. The arrivals have been lower during the second half of current month compared to last month same period while the demand have increased. As per Agmarket data, during second half of March about 21,722 tonnes of jeera arrived compared to 22,108 during first half. On the export front, Country the exports increase by 32.7% to 1,01,188 tonnes in first 10 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 it, down almost 11% compared to last year production of 2.38 it.

Outlook

We expect Jeera futures to trade higher on expectation of good physical demand from the stockists. Moreover, expectation of higher exports in coming three months may keep the prices supported at higher levels. Profit booking at higher levels may be possible.

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