Heavy rains and one of the worst floods in the history of Gujarat seems to have had little impact on jeera stocks lying with traders and farmers.
Heavy rains and one of the worst floods in the history of Gujarat seems to have had little impact on jeera stocks lying with traders and farmers. Data released by National Commodity and Derivatives Exchange (NCDEX) show that even in the last leg of arrival season, Unjha delivery centre has been witnessing continuous delivery of exchange grade jeera.
As per a note issued by the exchange, the harvest season for jeera ends in April and sowing starts in October. Peak arrivals in the physical market start gradually tapering off in August and September. However, the exchange approved warehouses have seen an average deposit of 50 tonne on a daily basis since the last one month. From the start of August this year, 2,347 tonne of jeera was tendered for delivery in Unjha, out of which 1,471 tonne was of NCDEX standards and hence accepted in the exchange approved warehouses, NCDEX said.
According to the exchange,more than 62% of the total quantity reaching warehouses was passed in the quality check. Exchange has confirmed that no quality issues have been identified in jeera during the audits conducted by the exchange from time to time. There is approximately 3,600 tonne idle warehousing capacity at present in Unjha delivery centre, which should be more than adequate to meet the needs of prospective depositors.
To address any issue with quality, NCDEX has provided a facility to every buyer under which they may opt for assaying at the time of withdrawal of the stocks which they have received as delivery via the exchange settlement system. They need to exercise the option for such assaying prior to the Exchange delivery date (EDD) of the specific lot to get assurance of the quality of the commodity lying in warehouses.