Informist, Wednesday, Aug 30, 2023
By Afra Abubacker
MUMBAI – Futures contracts of all spices rose today on the National Commodity and Derivatives Exchange due to bargain-buying. However, weak export demand at prevailing prices limited gains.
The most-active October contract of TURMERIC was at 14,600 rupees per 100 kg, up 2% from the previous close. Earlier in the day, the contract hit an over four-week low of 13,810 rupees.
Turmeric futures closed in the green today due to bargain-buying after falling 6% for two straight sessions. Subdued domestic and export demand weighed on turmeric prices. Tepid demand for inferior quality arrivals also pushed prices on the downside.
Prices in the key wholesale market of Nizamabad in Telangana were largely unchanged at 13,500 rupees per 100 kg, said traders.
The most-active September contract of JEERA was at 53,920 rupees per 100 kg, up 1% from the previous close. Earlier in the day, the contract hit a two-month low of 52,650 rupees. Jeera futures rose today on bargain-buying.
Sluggish export demand amid increased global supply from Syria, Turkey, and Iran weighed on jeera futures. Tight supplies amid festive demand prompted millers to buy on dips, said SMC Global Securities.
However, choppy to weak trades are expected unless 57,600 rupees is breached convincingly on the upside, said Geojit Financial Services.
Prices in the key wholesale market of Unjha, Gujarat, were unavailable today as the market was shut today because of Raksha Bandhan, said traders. “Market will reopen on Thursday,” said local trader Mahesh Yadav.
The most-active September contract of CORIANDER was at 7,020 rupees per 100 kg, up 1% from the previous close. On Tuesday, the contract hit an over one month low of 6,900 rupees.
Coriander futures rose today on bargain buying. Subdued domestic and export demand amid higher supply in the domestic pipeline owing to higher production weighed on coriander prices
Prices in the key wholesale market of Kota, Rajasthan, were largely unchanged at 7,400-7,450 rupees per 100 kg, said traders.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Vidhi Verma
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