Informist, Tuesday, Oct 31, 2023
By Romeo M. Raj
MUMBAI – Futures contracts of spices on the National Commodity and Derivatives Exchange were down today due to subdued demand. Jeera futures fell 6% and hit a near five-month low on sluggish export demand and prospects of higher acreage. Coriander futures fell as market participants booked profits.
The most-active November contract of JEERA closed at a near five-month low of 43,705 rupees per 100 kg, down 6% from the previous close.
Improved production prospects due to expectation of higher acreage in the ongoing sowing season weighed on jeera futures. Weather conditions are favourable, and soil moisture is also adequate for sowing activities, SMC Global Securities said in a note.
Subdued export demand for the commodity will also affect prices negatively, said SMC Global.
Spot prices in the key wholesale market of Jodhpur in Rajasthan were down 1,000 rupees at 48,000 rupees per 100 kg, said local trader Dinesh Bhattar.
The most-active December contract of TURMERIC was at 13,554 rupees per 100 kg, down 1.1% from the previous close.
Subdued export demand continued to weigh on turmeric futures. “Exports remain subdued during Oct-Dec ahead of commencement of the new crop in Telangana in January,” said SMC Global Securities in a report.
Spot prices in the key wholesale market of Nizamabad in Telangana were largely unchanged at 13,100 rupees per 100 kg, said local trader Sandeep Akula.
The most-active November contract of CORIANDER was at 7,250 rupees per 100 kg, down 1.1% from the previous close. On Monday, coriander futures hit a two-month high of 7,426 rupees.
Profit booking and favourable weather conditions led to the fall in prices of coriander futures, said Ravi Shankar Pandey, senior analyst at SMC Global Securities.
Spot prices in the key wholesale market of Kota in Rajasthan, remained unchanged at 7,200 rupees per 100 kg, said local trader Satya Narayan Gupta.
Following are today’s closing prices of the most-active spice contracts:
End
Edited by Vandana Hingorani
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