Informist, Thursday, Mar 23, 2023
By Afra Abubacker
MUMBAI – Futures contracts of coriander and jeera fell marginally today on the National Commodity and Derivatives Exchange, amid thin volume, due to profit booking. Turmeric futures rose on the domestic bourse due to firm demand, analysts said.
The most active April contract of JEERA was 34,825 rupees per 100 kg, down 0.4% from the previous close. The volume traded today was thin at 2,232 lots, down by 2,589 lots from the previous session.
Jeera prices fell marginally on the domestic bourse today due to profit booking after the recent surge in prices. Earlier today, the April contract had hit a two-month high of 35,175 rupees per 100 kg.
However, firm domestic demand in the wake of Ramadan month and improved export enquiries are likely to limit further fall in prices.
Moreover, lower carry-over stocks and concerns over yield and crop quality after unseasonal rainfall in Gujarat and Rajasthan are likely to support jeera prices in the coming days, analysts said.
Currently, at least 70% of the crop in Rajasthan and around 30% in Gujarat is yet to be harvested. Unseasonal rains in both the states are likely to lower yields by at least 20%, said Kedia Advisory in a note.
Prices in the key wholesale market of Unjha, Gujarat, were up 150 rupees at 34,050 rupees per 100 kg, traders said.
CORIANDER futures fell marginally amid thin volume as market participants booked profits.
Today, the most active April contract was at 7,202 rupees per 100 kg, down 0.5% from the previous close. The volume today was thin at 2,750 lots, down by 2,165 lots from previous session. On Wednesday, the contract hit a three-week high of 7,290 rupees.
Prices in the key wholesale market of Kota, Rajasthan, were largely steady at 7,300 rupees per 100 kg, traders said.
However, concerns over crop conditions after unseasonal rainfall in Gujarat and Rajasthan are likely to limit the fall in prices, analysts said.
TURMERIC futures rose more on the domestic bourse due to improved demand from major buyers. Spice makers are showing interest in buying after a sharp fall in prices.
The most active April contract was at 6,986 rupees per 100 kg, up 0.8% from the previous close. On Friday, the contract hit a six-month low of 6,668 rupees per 100 kg.
Prices in the key wholesale market of Nizamabad, Telangana were up by 200 rupees at 7,000 rupees per 100 kg, traders said.
Turmeric prices are recovering on improved demand from spice makers after dry-quality fresh crop arrivals have gained pace, said Nizamabad based trader Vikas Nagla.
Following are the most-active contracts of spices as of 1805 IST:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
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