NCDEX Updates

Jeera prices experienced a slight decline, closing down by 0.55% at Rs 22,605, influenced by ample supplies and weak export demand, which dampened market sentiment in light of sufficient existing stocks. Export interest remains subdued, as current international demand is primarily satisfied by existing inventories. Traders observe a persistent lack of engagement from foreign buyers after the retail season has ended. During the period from April to October 2025, jeera exports experienced a year-on-year decline of 13.21%, totaling 117,682.52 tonnes. Additionally, exports in October saw a slight decrease when compared both year-on-year and month-on-month.

Nonetheless, the potential for price declines appears constrained, attributable to ongoing weather-related challenges and postponed sowing activities. As of 29 December 2025, jeera sowing in Gujarat reached 3.99 lakh hectares, reflecting a decline of 14.20% compared to the previous year. This situation signifies one of the slowest sowing seasons in recent years, attributed to irregular rainfall and inadequately prepared fields. Arrivals at Unjha continue to be notably low, with high-quality cumin fetching premium prices, despite the Unjha spot market concluding slightly lower at Rs 22,412.9.

Logistical and weather challenges across India and the Middle East persist in constraining supply, whereas the reduction of GST to 5% is anticipated to bolster FMCG demand and exports in the medium term. On the supply front, it is estimated that farmers are holding approximately 20 lakh bags, with carry-forward stocks likely around 16 lakh bags. Production for the current season is projected at 90–92 lakh bags, a decline from last year’s 1.10 crore bags, with diminished output also noted in significant global producing areas.

From a technical perspective, the market is experiencing long liquidation, evidenced by a 2.52% decrease in open interest to 3,831, coinciding with a price decline of Rs 125. Support is identified at Rs 22,270; a breach of this level could lead to a test of Rs 21,940. Resistance is established at Rs 23,000, and a breach of this threshold may pave the way toward Rs 23,400.