Informist, Friday, May 5, 2023
By Afra Abubacker
MUMBAI – Futures contracts of jeera hit a fresh record high on the National Commodity and Derivatives Exchange today as demand remained firm amid supply concerns, but turmeric contracts fell on profit booking.
The most-active June contract of JEERA closed at 47,570 rupees per 100 kg, up 4% from Thursday.
Jeera futures rallied on supply concerns following a drop in acreage and yield after unseasonal rains in March. Lower carry-over stocks, below-normal daily arrivals and improved export demand from China are also supporting prices.
Jeera prices are expected to move gradually towards the resistance of 51,100 rupees per 100 kg in the coming weeks. The near-term support remains at 40,000 rupees. The spice is likely to see intermittent price correction as new crop arrivals gain pace, SMC Global Securities said in a report.
CORIANDER futures rose on the domestic bourse on concern about lower production after unseasonal rain in Rajasthan and increased export demand. The most-active June contract was at 6,828 rupees per 100 kg, up 1% from the previous close.
Coriander exports in February rose 58% on year to 3,680 tn. However, overall export in Apr-Feb fell 7.3% on year to 32,230 tn, against 34,770 tn in the previous year.
The most-active June contract of TURMERIC was at 7,506 rupees per 100 kg, down 0.5% from the previous close. Earlier today, the contract hit a three-month high of 7,716 rupees per 100 kg.
Turmeric futures fell as market participants booked profits. On Thursday, turmeric prices had rallied on concern about the kharif crop due to a subnormal monsoon on the El Nino effect. Turmeric is sown during the kharif season, but because of a nine-month maturity period, it is harvested along with the rabi crops.
Turmeric futures have been gaining on concern about the upcoming crop while expectation of increased arrivals in markets from the current harvest of the previous crop are weighing on spot prices.
Following are today’s closing prices of most-active contracts of spices:
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Edited by Rajeev Pai
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