Jeera closes lower on high supply, weak demand

Jeera prices closed lower by 1.21 per cent on Thursday at NCDEX on account of a surge in the supply from the producing regions in the midst of a decline in the export demand.

At the NCDEX, jeera futures for March 2013 contract closed at Rs. 13,220 per quintal, down by 1.21 per cent, after opening at Rs. 13,300 against the previous closing price of Rs. 13,382.5. It touched the intra-day low of Rs. 13,180.

Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year. [Via]

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