Informist, Tuesday, Aug 29, 2023
By Afra Abubacker
MUMBAI – Futures contracts of all the spices ended down today on the National Commodity and Derivatives Exchange, with turmeric falling 6% for two days straight due to tepid domestic and export demand.
The most-active October contract of TURMERIC was at 15,204 rupees per 100 kg, down 6% from the previous close. Subdued domestic and export demand weighed on the spice. “Spice millers are going for hand-to-mouth buying amid weak export inquiries,” said SMC Global Securities.
Easing of concerns about crop conditions following forecast of rainfall in Telangana, a major grower of the commodity, also weighed on prices.
Prices in the key wholesale market of Nizamabad in Telangana were down by 500 rupees at 13,500 rupees per 100 kg, said traders. “Prices fell as most arrivals were infested and inferior quality,” said local trader Amrutlal Kataria.
The most-active September contract of JEERA was at 53,410 rupees per 100 kg, down 3.5% from the previous close. Sluggish export demand at prevailing price levels and increased global supply from Syria, Turkey, and Iran weighed on jeera futures.
Limited demand from stockists and millers in anticipation of further fall in prices led to the downside. “Jeera futures are expected to remain under pressure due to limited buying in the domestic market,” said SMC Global.
Prices in the key wholesale market of Unjha, Gujarat, were down 1,200 rupees at 56,200-56,800 rupees per 100 kg, said traders.
The most-active September contract of CORIANDER was at 6,940 rupees per 100 kg, down 2% from the previous close. Coriander futures fell due to subdued domestic and export demand. Higher arrivals from stockists on fear of further fall in prices also weighed on prices.
Prices in the key wholesale market of Kota, Rajasthan, were down 100 rupees at 7,400-7,450 rupees per 100 kg, said traders.
However, prospects of purchases improving ahead of festivals is also likely to lend support to coriander prices.
Following are today’s closing prices of the most active contracts of spices:
End
Edited by Ashish Shirke
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