Informist, Wednesday, May 10, 2023
By Afra Abubacker
MUMBAI – Futures contracts of all spices rose today on the National Commodity and Derivatives Exchange today due to firm demand. Turmeric contracts rose following reports of crop damage in Maharashtra and Telangana in the recent rainfall, said analysts.
The most-active June contract of TURMERIC was at 7,800 rupees per 100 kg, up 3% from the previous close. Earlier today, it had hit a three-month high of 7,892 rupees per 100 kg.
Prices in the key wholesale market of Nizamabad, Telangana, were up 150 rupees at 7,200 rupees per 100 kg, traders said. Turmeric prices rose due to concerns about crop damage after unseasonal rainfall in Maharashtra and Telangana.
However, the gains in turmeric prices may be limited as markets are running with huge stocks and stockists are trying to release these stocks at every rise in prices. Arrivals in the Nizamabad market were at 700,000–800,000 bags (1 bag = 65 kg) so far, while it was around 700,000 bags in Sangli, Maharashtra, said Kedia Advisory in a note.
The most-active June contract of JEERA was at 48,100 rupees per 100 kg, up 1.6% from the previous close. Earlier in the day, the contract hit a record high of 49,840 rupees per 100 kg. Prices in the key wholesale market of Unjha, Gujarat, were up 800 rupees at 48,300 rupees per 100 kg, traders said.
Jeera futures rose due to concerns over supply following a drop in acreage and yield after unseasonal rains in March. Farmers and traders are holding stocks on expectation of a further rise in price, which also aided the prices, said SMC Global Securities.
The most-active June contract of CORIANDER was at 6,974 rupees per 100 kg, up 1% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were up 100 rupees at 6,900 rupees per 100 kg, traders said.
Coriander futures rose due to firm demand in domestic and overseas markets. Demand for coriander from spice makers and millers typically peaks in Apr-May, as good quality produce with the least moisture arrives during the same period, said traders. However, higher production owing to a rise in acreage in Gujarat is likely to limit the gains in coriander futures.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Tanima Banerjee
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