Informist, Tuesday, Jul 18, 2023
Afra Abubacker
MUMBAI – Coriander futures on the National Commodity and Derivatives Exchange rose today due to firm demand. Jeera and turmeric futures on the bourse traded on a mixed note.
The most active August contract of CORIANDER was at 7,266 rupees per 100 kg, up 0.3% from the previous close. Earlier in the day, the contract hit a five-month high of 7,534 rupees. Prices in the key wholesale market of Kota, Rajasthan, were up 300 rupees at 7,300 rupees per 100 kg, said traders.
The rise in coriander prices today was due to firm demand. Concerns over lower arrivals in the coming days due to forecast of heavy rains in Gujarat and Rajasthan also supported prices.
“Stockists are bulk-buying as they are anticipating arrivals to further decrease due to rains,” said Satya Narayan Gupta, a Kota-based trader. “Arrivals will only improve from mid of August,” Gupta said.
However, further gains may be limited due to higher production amid higher acreage and yields. Coriander is a rabi crop, sown from October to December. It takes three months to mature and harvesting is done from January till April.
The most active August contract of JEERA was at 59,750 rupees per 100 kg, down 1.3% from the previous close. Earlier in the day the contract hit a record high of 62,000 rupees per 100 kg. The July contract was at 59,700 rupees per 100 kg, up 2% from the previous close.
Prices in the key wholesale market of Unjha, Gujarat, were up by 1,000 rupees at 60,500 rupees per 100 kg, said traders.
Jeera prices rose due to firm demand and tight supplies owing to lower production in Gujarat and Rajasthan. While demand for jeera is around 8.0-8.5 mln bags for the year, total output is seen at only 6.5 mln bags, according to the Federation of Indian Spice Stakeholders.
Concerns over lower arrivals in the coming days due to forecast of heavy rains in Gujarat and Rajasthan also supported prices, said SMC Global Securities.
The most active August contract of TURMERIC was at 12,164 rupees per 100 kg, down 0.4% from the previous close. On Monday, the contract hit a 13-year high of 12,514 rupees. The October contract was at 12,832 rupees per 100 kg, up 0.2% from the previous close.
Prices in the key wholesale market of Nizamabad in Telangana rose by 800 rupees to 11,000 rupees per 100 kg, said traders.
Turmeric prices rose today due to firm export demand and growing concerns over crop conditions amid forecast of heavy rainfall in Telangana and Andhra Pradesh, traders said. Diseases such as leaf spot and rhizome rot are more prevalent amid high temperatures and prolonged leaf wetness, according to Agromet.
In 2022-23 (Apr-Mar), turmeric exports rose 11% to 170,085 tn, data from the Spices Board of India showed. According to SMC Global Securities, turmeric acreage is estimated to fall 10-15% on year due to delayed onset of the monsoon and farmers shifting to more lucrative crops.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Avishek Dutta
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