Informist, Wednesday, Oct 18, 2023
By Romeo M Raj
MUMBAI – Jeera futures fell today after rising for five consecutive sessions on the National Commodity and Derivatives Exchange of India owing to subdued export demand and selling for profit. Coriander futures rose marginally on improved export demand.
The most-active November contract of CORIANDER was at 7,064 rupees per 100 kg, up 0.3% from the previous close.
“Export demand has been active and exports are expected to improve,” SMC Global Securities said in a note. “Coriander export rose significantly in 2023 due to supply concerns in other producing countries.”
India is a major producer and exporter of coriander.
Spot prices in the key wholesale market of Kota, Rajasthan, were up 100 rupees at 6,900-7,000 rupees per 100 kg, said traders.
The most-active November contract of JEERA was at 56,220 rupees per 100 kg, down 3.3% from the previous close.
Jeera futures fell on subdued export demand and selling for profit, said Ravi Shankar Pandey, senior analyst at SMC Global Securities.
“Global demand for Indian jeera slumped as most buyers preferred other (sources) like Syria and Turkey. Exports are likely to remain down in upcoming months as per the export seasonality,” said Amit Gupta, Research Support, Kedia Advisory, in a note.
“For the week, jeera November contract support is seen at 55,800 rupees and resistance at 59,600 rupees,” Pandey said.
Spot prices in the key wholesale market of Jodhpur in Rajasthan fell 1,000 rupees to 60,000 rupees per 100 kg, said Dinesh Bhattar, a local trader.
The most-active December contract of TURMERIC was at 14,080 rupees per 100 kg, down 1.7% from the previous close. On Monday, the contract had hit its lowest in almost three months at 13,228 rupees.
“Stockists and millers are avoiding bulk buying in the wake of improved crop condition in major producing states,” said SMC Global Securities in a report.
Spot prices in the key wholesale market of Nizamabad in Telangana were almost steady at 13,000 rupees per 100 kg, said Sandeep Akula, a local trader.
Following are today’s closing prices of the most-active spice contracts:
End
Edited by Rajeev Pai
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