Informist, Wednesday, Nov 8, 2023
By Romeo M. Raj
MUMBAI – Jeera and coriander futures fell today on the National Commodity and Derivatives Exchange due to profit-booking by traders.
The most-active December contract of JEERA was at 43,405 rupees per 100 kg, down 4.8% from the previous close. Earlier in the day, the contract hit a six-day high of 46,710 rupees.
Jeera futures fell as market participants booked profits after the significant rise in prices over the last two trading sessions.
Adequate soil moisture and favourable weather conditions for the crop will increase the sowing activities, which will bring prices down, said analysts.
Support for jeera futures is seen at 40,400 rupees in the near term, whereas resistance is seen at 49,500 rupees, said Ravi Shankar Pandey, senior analyst at SMC Securities.
Spot prices in the key wholesale market of Unjha, Gujarat, were down 1,000 rupees at 44,000 rupees per 100 kg, said Anuj Mittal, a local trader.
The most-active December contract of TURMERIC was at 13,440 rupees per 100 kg, down 2% from the previous close. Improved condition of the crop and purchase of limited quantities for immediate requirements by millers, weighed on prices, said SMC Securities.
Turmeric futures could extend its losses due to subdued domestic demand for the commodity, said SMC. Prices will face resistance near 14,700 rupees and support is seen at 12,800 rupees for next week, Pandey of SMC said.
Spot prices in the key wholesale market of Nizamabad in Telangana were down 300 rupees at 13,300 rupees per 100 kg, said Sandeep Akula, a local trader.
The most-active November contract of CORIANDER was at 7,580 rupees per 100 kg, down 1.9% from the previous close.
Coriander prices will face resistance near 7,900 rupees and support is seen at 6,900 rupees for next week, Pandey said. “Sowing activities are likely to pick up and run at a smooth pace that will cap the excessive gains,” said SMC.
Spot prices in the key wholesale market of Kota, Rajasthan, were down 300 rupees at 7,100 rupees per 100 kg, said Satya Narayan Gupta, a local trader.
Following are today’s closing prices of the most-active spice contracts:
End
Edited by Tanima Banerjee
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