Spot Jeera Plunges To Four Year Low On Demand Worries

By in Commodity News on February 8, 2020 3:29 pm

NCDEX Jeera futures tumbled today after witnessing a modest bounce in last two sessions as worries over demand from China hurt the mood. The coronavirus ourbreak in China is expected to cap the demand from the country which imports a large chunk of the commodity from India. NCDEX Jeera futures for March fell to a contract low of Rs 13565 per quintal today and closed at Rs 13710 per quintal, down more than 2% on the day. The futures have tanked nearly 15% over last one month. Spot Jeera fell to Rs 14470 per quintal in Unjha in Gujarat today. These are the lowest levels in last four years for the commodity. The total area sown under Jeera in Gujarat was at 4.87 lakh hectares as on 3rd February 2020, up 45% compared to the year-ago period, as per the state agriculture departments data.