NCDEX Updates

Jeera prices experienced a significant increase, closing up by 3.85% at Rs 22,525, influenced by weather-related disruptions and postponed sowing in major producing areas. In Gujarat, sowing has reached approximately 3.99 lakh hectares, reflecting a decline of 14.2% year-on-year. This downturn can be attributed to irregular rainfall, which has hindered field preparation, resulting in one of the slowest sowing seasons observed in recent years.

Arrivals at Unjha were notably subdued, with high-quality cumin fetching premium prices. Logistical challenges and adverse weather conditions in India and the Middle East have resulted in tight near-term supplies, which has supported prices. Meanwhile, there have been reports of some improvement in demand from Gulf countries and China, although purchasing behavior continues to be highly sensitive to price fluctuations. Notwithstanding the significant price movement, the potential for further gains seems constrained by adequate current inventories and sluggish export activity.

Farmers are estimated to be holding approximately 20 lakh bags, with only 3–4 lakh bags expected to be traded by the end of the season, suggesting a substantial carry-forward stock of around 16 lakh bags. Current season production is projected to decline to 90–92 lakh bags, down from 1.10 crore bags in the previous year, indicative of decreased sowing activities. During the period from April to October 2025, exports experienced a decline exceeding 13% compared to the previous year, underscoring a lack of robust overseas demand.

From a technical standpoint, the market is experiencing short covering, evidenced by a significant decline in open interest of 10.48%, coinciding with a price increase of Rs 835. Jeera exhibits a support level at Rs 22,090, with additional downside anticipated around Rs 21,650. On the upside, resistance is positioned at Rs 22,880, and a sustained movement above this level may lead to a test of Rs 23,230.