India Spices: Most up; jeera down as daily arrivals seen improving

Informist, Wednesday, May 3, 2023

By Afra Abubacker

MUMBAI – Future contracts of coriander and turmeric rose on the National Commodity and Derivatives Exchange due to improved export demand, while jeera futures fell marginally on the expectation of rising daily arrivals in the coming days.

The most-active May contract of TURMERIC was at 7,200 rupees per 100 kg, up 1.1% from the previous close. Turmeric futures rose on reports of improved exports and less supply in major markets. India’s turmeric exports during Apr-Feb rose 10% on year to 151,000 tn, against 137,000 tn in the previous year.

Overall arrivals at major markets in April fell by 29.2% on year to 69,300 tn, against 98,000 tn in the previous year, said SMC Global Securities.

CORIANDER futures rose marginally on the domestic bourse as production of the spice is seen down due to a drop in yield after unseasonal rainfall in Rajasthan. The most-active May contract was at 6,720 rupees per 100 kg, up 0.4% from the previous close.

Further, increased export demand also supported prices. Coriander export in February rose by 58% on year to 3,680 tn. However, overall exports during Apr-Feb (2022-23) fell 7.3% on year to 32,230 tn, against 34,770 tn in the previous year.

JEERA futures fell marginally on expectation of improved daily arrivals in major markets. The most-active May contract of JEERA was at 45,335 rupees per 100 kg, down 0.5% from the previous day. Prices in the key wholesale market of Unjha, Gujarat, were down 200 rupees at 45,000 rupees per 100 kg, traders said.

Jeera is likely to witness intermitted price correction due to rising supply of new crop in May. Demand is also likely to be slow at higher levels as marginal traders will avoid bulk buying in expectation of price correction, said SMC Global Securities.

Following are the most-active contracts of spices as of 1710 IST:

Contract

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander May

NCDEX

100

6,720 26

Jeera May

NCDEX

100

45,335

(-)225

Turmeric May

NCDEX

100

7,200

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Vidhi Verma

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