Jeera yesterday settled unchanged at Rs 19,130, as subdued export demand post-retail season contributed to price stability. Traders observed a significant decline in foreign buying interest, as current export requirements are being satisfied by existing inventories. The market faces pressure from ample supplies, with farmers retaining approximately 20 lakh bags of cumin.

It is anticipated that only 3–4 lakh bags will be traded before the season concludes, resulting in a significant carry-forward stock of around 16 lakh bags. However, prices found some support following the GST Council’s decision to reduce the GST rate to 5%, a move anticipated to benefit FMCG exports and enhance domestic consumption in the forthcoming months. On the supply front, India’s current season production is estimated at 90–92 lakh bags, a decline from last year’s 1.10 crore bags, attributed to reduced sowing activities.

Gujarat’s output is estimated to be between 42 and 45 lakh bags, while Rajasthan’s is projected at 48 to 50 lakh bags. Simultaneously, reduced output from significant global producers such as China, Syria, Turkey, and Afghanistan could constrain potential downside risks. India’s jeera exports from April to July 2025 experienced a year-on-year decline of 19.8%, totaling 73,026 tonnes, indicative of weak international demand. In July, exports experienced a decline of 20.8% compared to the previous year, underscoring the persistent weakness in global demand.

From a technical perspective, the market is experiencing renewed selling pressure, evidenced by a notable increase in open interest of 18.61% to 3,576 lots, despite prices holding steady. Jeera currently exhibits support levels at Rs 19,010 and Rs 18,890, whereas resistance is anticipated at Rs 19,240. A breakout above this resistance could propel prices towards Rs 19,350.