Jeera Jun futures fell more than 3.2% on Monday tracking weak spot market and lack of increase in export interest. The arrivals have now slowed down in the physical market so as off take. About 4,316 tonnes of jeera arrived in May (1-14) compared to 17,494 in April (1-14). On the export front, country the exports increase by 29.6% to 1,08,513 tonnes in first 11 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI. The stock levels in the NCDEX warehouse increase to 2,176 tonnes, up by 125% in last 15 days. On 1st May, the stocks was only 964 tonnes.

Outlook

We expect Jeera futures to trade sideways to down on anticipation of further corrections on weak spot market but export demand may keep the prices supported. The prices may pressurize due to higher prices.

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