Informist, Friday, Jun 2, 2023
By Afra Abubacker
MUMBAI – Futures contracts of turmeric and coriander fell on the National Commodity Derivatives Exchange today due to tepid demand and higher arrivals in major markets, while jeera futures rose on firm demand amid tight supplies in markets.
The most-active June contract of TURMERIC was at 7,526 rupees per 100 kg, down 3% from the previous close. Prices fell due to tepid demand amid increasing supplies at major markets. Demand from stockists and spice millers are subdued at prevailing levels as they are anticipating a further fall in prices.
Arrivals are improving at markets as farmers are getting better realisation for their stocks, said SMC Global Securities. Turmeric prices had fallen in April-end to a near six-month low of 6,452 rupees on the bourse.
Slippage past the immediate support of 7,600 rupees with considerable volume may see weakness intensifying in prices, said Geojit Financial Services.
The most-active June contract of CORIANDER was at 6,166 rupees per 100 kg, down 1% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were 50 rupees down at 6,600-6,650 rupees per 100 kg, traders said.
Coriander prices fell more today due to tepid demand and increased arrivals in major markets. Subdued demand from stockists due to expectations of a further fall in prices also weighed on coriander prices. “Buying position is really weak. Prices are likely to fall further by 400–500 rupees in the coming weeks,” Kota-based trader Satya Narayan Gupta 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 of 13,000 rupees per 100 kg. Coriander is a rabi crop that is sown from October to December. The crop takes three months to mature and harvesting is carried out from January to April.
The most-active July contract of JEERA was at 45,140 rupees per 100 kg, up 0.5% from the previous close. Prices in the key wholesale market of Unjha, Gujarat, were up 200 rupees at 46,100 rupees per 100 kg, traders said.
Jeera prices rose on firm demand and tight supplies in major markets. Lower carry-over stocks and lower availability of good quality produce after unseasonal rainfall are prompting millers to buy at every other dip in prices, said SMC Global Securities.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Vidhi Verma
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