Informist, Tuesday, Mar 28, 2023
By Afra Abubacker
MUMBAI – Future contracts of jeera and turmeric rose on the National Commodity and Derivatives Exchange today due to firm demand, while coriander fell on the domestic bourse due to rising arrivals of fresh crop in major markets, analysts said.
The most-active April contract of CORIANDER was 6,670 rupees per 100 kg, down 2% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were largely steady at 7,000-7,100 rupees per 100 kg, traders said.
Coriander prices fell on the domestic bourse due to higher arrivals in the wake of favourable weather conditions for the ongoing harvest activities. In addition, major buyers and spice makers are avoiding bulk-buying in anticipation of a further fall in prices.
The most-active April contract of JEERA was 35,750 rupees per 100 kg, up 3% from the previous close. Earlier today, the contract hit an over two-month high of 35,990 rupees per 100 kg.
Jeera harvesting has only started in regions like Kutch, Gujarat, and arrivals are yet to gain pace. Firm demand from stockists in the wake of lower carry-over stocks and concerns over yield after unseasonal rainfall are supporting prices, said Ravi Shankar Pandey, a senior analyst with SMC Global Securities.
TURMERIC contracts rose today on the domestic bourse due to firm demand at lower levels. Spice makers and major buyers are showing interest in buying after a sharp fall in prices, analysts said.
The most-active April contract was 6,916 rupees per 100 kg, up 1% from the previous close. Prices in the key wholesale market of Nizamabad, Telangana, were largely steady at 6,900-6,970 rupees per 100 kg, traders said.
Following are the most-active contracts of spices as of 1740 IST:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vidhi Verma
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