Informist, Wednesday, May 31, 2023
By Afra Abubacker
MUMBAI – Futures contracts of jeera and coriander fell today on the National Commodity and Derivatives Exchange due to subdued demand, while turmeric contracts rose marginally on firm demand and concerns over the upcoming crop.
The most-active June contract of JEERA was at 44,435 rupees per 100 kg, down 1.3% from the previous close.
Prices in the key wholesale market of Unjha, Gujarat, were 300 rupees down at 46,000 rupees per 100 kg, traders said.
Jeera futures fell on the domestic bourse due to tepid domestic and export demand at prevailing levels. Marginal traders and stockists are avoiding bulk-buying in expectation of further fall in prices as arrivals improve in the coming days.
Jeera prices surged to a record high of 49,280 rupees per 100 kg in the second-week of May due to tight supplies and firm demand. Low carry-over stocks and lower production in Gujarat and Rajasthan due to a drop in acreage and yield are supporting the prices.
The most-active June contract of CORIANDER was at 6,378 rupees per 100 kg, down 1% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were steady at 6,680-6,700 rupees per 100 kg, traders said.
Coriander prices are on a downtrend due to higher production in Gujarat and Rajasthan. Farmers had shifted to coriander cultivation last year due to favourable weather and lucrative returns. Last April, coriander fetched a seven-year-high price of 13,000 rupees per 100 kg. Coriander is a rabi crop sown from October to December. The crop takes three months to mature and harvesting is carried out from January till April.
Coriander prices fell today on increased supplies from Rajasthan. While arrivals of fresh crop peaks in Gujarat during March, Rajasthan typically sees arrivals picking up pace only from April, due to late sowing in the state. Subdued demand from stockists in expectation of further fall in prices are also weighing on coriander prices.
The most-active June contract of TURMERIC was at 7,960 rupees per 100 kg, up 0.5% from the previous close. Prices in the key wholesale market of Nizamabad, Telangana, were largely steady at 7,250 rupees per 100 kg, traders said.
Turmeric contracts rose marginally today on the domestic bourse due to firm demand and concerns over upcoming crop amid bleak monsoon forecasts. Turmeric takes nine months to mature, and it is sown during Apr-Jul, with the arrival of pre-monsoon showers. The crop is harvested from January and extends till March. Major turmeric growers are Telangana, Maharashtra, and Tamil Nadu.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Vidhi Verma
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