Informist, Wednesday, Aug 16, 2023
By Afra Abubacker
MUMBAI – Spices complex was down today on the National Commodity and Derivatives Exchange due to subdued demand. Turmeric futures fell 6% due to subdued demand at prevailing price levels and as favourable weather eased concern over crop conditions.
The most-active October contract of TURMERIC was at 15,940 rupees per 100 kg, down 6% from the previous close. Prices in key wholesale markets of Nizamabad in Telangana were unavailable as the market was closed today on account of Amavasya, said local trader Amrutlal Kataria.
Turmeric futures fell today due to subdued demand at prevailing levels. Prices also fell due to easing concern over crop condition following good rains today, said traders.
Turmeric prices had firmed up on concern over lower production and deficient rainfalls in major growers Telangana and Andhra Pradesh. Turmeric acreage is estimated to fall 10-15% on year as farmers have shifted to more lucrative crops, according to SMC Global Securities. Acreage in 2022-23 was 323,838 ha, data from the Spices Board showed.
The most-active September contract of JEERA was at 58,600 rupees per 100 kg, down 4.7% from the previous close. Prices in key wholesale market of Unjha, Gujarat, were down by 450 rupees at 60,900 rupees per 100 kg, said traders.
Jeera prices fell today due to subdued demand amid improving global supply scenario. Supply from Syria and Turkey will improve in Aug-Sep with the commencement of new crop arrivals, said traders.
Subdued export enquiry at the prevailing price levels also weighed on jeera prices. Further, arrivals from farmers and stockists are likely to rise in the coming days in anticipation of a further fall in prices, said SMC Global Securities.
The most-active September contract of CORIANDER was at 7,240 rupees per 100 kg, down 2.5% from the previous close. Coriander futures fell today due to subdued demand. Increased arrivals due to favourable dry weather conditions in Rajasthan and Gujarat also weighed on prices.
However, prospects of increased demand for Indian coriander in the wake of lower global supply are likely to boost sentiment. “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.
Prices in the key wholesale market of Kota, Rajasthan, were largely steady at 7,500-7,600 rupees per 100 kg, said traders.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Akul Nishant Akhoury
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