Informist, Friday, Jun 30, 2023
By Afra Abubacker
MUMBAI – Coriander and turmeric futures contracts rose today on the National Commodity and Derivatives Exchange. Turmeric futures hit a seven-year high on firm export demand and deficient rainfall in south India. Jeera futures fell on the domestic bourse due to subdued demand at prevailing levels.
The most active August contract of TURMERIC was at 9,898 rupees per 100 kg, up 4% from the previous close. Earlier in the day, the contract hit a seven-year high of 10,048 rupees per 100 kg. Prices in the key wholesale market of Nizamabad, Telangana, were higher by 300 rupees from Wednesday at 8,500 rupees per 100 kg, traders said.
Turmeric prices rose today due to firm export demand and deficient rainfall in major producers like Telangana, Karnataka, said SMC Global Securities.
Telangana and Tamil Nadu received 64.4 mm and 88 mm of rainfall, below 49% and 54%, respectively, IMD showed. Increased export enquires and limited availability of quality produce in the market will keep prices elevated, said SMC Global.
Turmeric exports during 2022-23 (Apr-Mar) rose 11% on year to 170,085 tn, data from the Spices Board showed.
The most active July contract of CORIANDER was at 6,696 rupees per 100 kg, up 3% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were higher by 50 rupees at 6,950 rupees per 100 kg, traders said.
Coriander prices rose today on improved export demand at prevailing price levels. Prices of the aromatic spice had halved from 12,000 rupees per 100 kg since the sowing season started in October to around 6,000 rupees in the first week of June due to weak domestic demand and higher production in Gujarat and Rajasthan.
However, rising prices are likely to prompt farmers to bring more of their produce to markets in the coming days, which is likely to cap further gains in coriander prices, said traders.
Coriander is a rabi crop, sown from October to December. It takes three months to mature and harvesting is done from January till April. Farmers had shifted to coriander cultivation last year as weather conditions were favourable and returns were lucrative. In April 2022, coriander fetched a seven-year-high price of 13,000 rupees per 100 kg.
The most active July contract of JEERA was at 54,845 rupees per 100 kg, down 1% from the previous close. On Monday, the contract hit a lifetime high of 58,235 rupees per 100 kg.
Jeera prices fell today due to subdued demand at prevailing price levels. “Unless 57,250 rupees is breached convincingly on the upside, jeera is likely to trade sideways with the support of 53,500 rupees,” said Geojit Financial Services.
Jeera prices had rallied due to firm demand and tight supplies in major markets. Jeera supply is limited due to lower carry-over stocks and lower production in Gujarat and Rajasthan. Jeera is a rabi crop sown from October to December. Harvest
starts from February and new crop arrival season extends till June.
Prices in the key wholesale market of Unjha, Gujarat, were lower by 600 rupees at 55,400 rupees per 100 kg, traders said.
Following are today’s closing prices of the most-active contracts of spices:
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Edited by
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