Informist, Monday, Sep 25, 2023
By Afra Abubacker
MUMBAI – Jeera futures contracts rose today on the National Commodity and Derivatives Exchange due to firm demand and shrinking supplies. Turmeric and coriander futures traded lower as market participants booked profits.
The most active October contract of TURMERIC was at 14,048 rupees per 100 kg, down 2.3% from the previous close. On Sep 18, the contract hit a three-week high of 15,800 rupees and since then it has been falling as market participants booked profits.
Improved crop conditions due to a pickup in rainfall in Maharashtra and Telangana in September have eased concerns over production. “Sowing activities are complete across India and crop conditions are satisfactory,” said SMC Global Securities.
“Sideways to weak trades can be expected unless 15,100 rupees is breached convincingly upside,” said Geojit Financial Services.
However, rising export demand and shrinking arrivals at major domestic markets are likely to cap further losses in turmeric prices. “Prices are likely to track cues from the recently released July export data, which showed turmeric export rose 7.8% on year to 13,800 tn,” said SMC Global.
Prices in the key wholesale market of Nizamabad in Telangana were largely steady at 13,000-13,600 rupees per 100 kg, said traders.
The most active October contract of JEERA was at 60,350 rupees per 100 kg, up 0.3% from the previous close. Jeera futures traded higher today due to firm demand and shrinking supplies in the domestic market. “Jeera arrivals in major markets so far in September are about 4,200 tn, against 10,100 tn in the previous year,” said SMC Global.
However, subdued export demand is likely to cap further gains in jeera prices. Further, sowing of the new crop will also commence in the coming weeks, which will give direction to jeera prices going forward. Farmers are likely to increase jeera cultivation in the next season commencing in October as jeera prices are at record high, said trades.
Prices in the key wholesale market of Unjha, Gujarat, were up 200 rupees at 60,800-60,950 rupees per 100 kg, said traders.
The most active October contract of CORIANDER was at 7,090 rupees per 100 kg, down 1.1% from the previous close. Earlier in the day, the contract hit an over three-week high of 7,250 rupees.
Firm domestic demand and improved export enquiries are aiding coriander prices on the upside. “Going forward, prices are expected to move up in the wake of price seasonality,” said SMC Global. However, increased supply in the domestic pipeline is likely to limit further gains.
Prices in the key wholesale market of Kota were down 150 rupees at 7,200-7,300 rupees per 100 kg, said traders.
Following are today’s closing prices of the most active contracts of spices:
End
Edited by Maheswaran Parameswaran
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