Informist, Friday, May 19, 2023
By Afra Abubacker
MUMBAI – Futures contracts of jeera rose on firm demand on the National Commodity and Derivatives Exchange today, but coriander contracts fell due to increased supplies and turmeric fell on profit booking.
JEERA futures rose on firm demand and tight supply at major markets. Following the unseasonal rains in the second week of March, the Federation of Indian Spice Stakeholders revised down jeera output by 10-15% to around 327,125 tn due to yield loss. While jeera demand is around 8.0-8.5 mln bags (1 bag = 55 kg), total output is seen at 5.0-6.5 mln bags.
The most-active June contract was at 45,880 rupees per 100 kg, up 2.6% from the previous day.
Lower availability of good quality jeera after unseasonal rainfall in March over Rajasthan and Gujarat is prompting millers to buy good quality produce at every price dip, said SMC Global Securities.
TURMERIC futures continued to fall on the domestic bourse as market participants booked profits. The most-active June contract was at 8,150 rupees per 100 kg, down 1.5% from the previous close. On Wednesday, the contract hit a five-month high of 8,400 rupees per 100 kg.
Subdued demand from marginal traders at prevailing prices and expectation of further fall in prices on increased supplies in the coming days weighed on turmeric prices.
Turmeric futures had gained on improved domestic and overseas demand amid report of crop damage in Maharashtra after recent unseasonal rains. Concern over the forecast of delayed monsoon are likely to limit the fall in prices.
Prices in the key wholesale market of Nizamabad, Telangana, were unavailable today as the market was shut on the account of Amavasya. The market will reopen on Monday, said traders.
CORIANDER contracts fell on the domestic bourse due to subdued demand and increased supplies at major markets. Stockists and spice makers are avoiding bulk buying as they are anticipating further fall in prices owing to rising supplies in Rajasthan.
The most-active June contract was at 6,540 rupees per 100 kg, down 1% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were largely steady at 6,700-6,800 rupees per 100 kg, traders said.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Manisha Baxla
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