Informist, Tuesday, Aug 8, 2023
By Afra Abubacker
MUMBAI – Futures contracts of turmeric rose 6% on the National Commodity and Derivatives Exchange due to value-buying and concerns over lower production. Coriander contracts inched up due to firm demand and jeera contracts fell as market participants booked profits.
The most-active October contract of TURMERIC was at 17,526 rupees per 100 kg, up 6% from the previous close. Prices in the key wholesale market of Nizamabad in Telangana were up 200 rupees at 14,000 rupees per 100 kg, said traders.
Turmeric prices rose today due to value-buying as the contract had hit a one-week low of 15,660 rupees on Monday. Concerns over lower production also aided on the upside. Turmeric acreage is estimated to fall 10-15% from a year ago as farmers have shifted to more lucrative crops, according to SMC Global Securities. Turmeric acreage in 2022-23 was 323,838 ha, data from the Spices Board showed.
The most-active September contract of CORIANDER was at 7,542 rupees per 100 kg, up 0.1% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were largely steady at 7,700-7,800 rupees per 100 kg, said traders.
Coriander futures rose today due to firm demand and lower arrivals. “Stockists and farmers are busy hoarding in the wake of drier global supply pipeline. Supply from the Black Sea is expected to decline as Russia exited from the grain deal with Ukraine which will affect the arrival pace adversely,” said SMC Global Securities. Russia, Bulgaria, and Ukraine are global suppliers of the aromatic spice.
The most-active September contract of JEERA was at 62,415 rupees per 100 kg, down 1% from the previous close. Prices in the key wholesale market of Unjha, Gujarat, were down by 500 rupees at 61,500 rupees per 100 kg, said traders.
Jeera prices fell today as market participants booked profits. Subdued export demand amid an improving global supply outlook also weighed on jeera prices. Supply from Syria and Turkey will improve in August-September with the commencement of new crop arrivals, said traders.
However, firm domestic demand and tight supplies in the market, owing to lower domestic production, are likely to cushion the falling prices.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Manisha Baxla
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