Informist, Tuesday, Nov 28, 2023
By Romeo M. Raj
MUMBAI – Futures contracts of turmeric and jeera rose today on the National Commodity and Derivatives Exchange of India because of short covering. Coriander futures rose significantly on low sowing and robust export demand.
The most-active December contract of JEERA was at 45,910 rupees per 100 kg, up 1.9% from the previous close.
The market is undergoing short covering, with a 0.7% drop in open interest to 3,402 tn, said Kedia Advisory in a note.
Support for jeera futures is seen at 40,000 rupees this week, whereas resistance is seen at 48,800 rupees, said Ravi Shankar Pandey, senior analyst at SMC Global Securities.
Spot prices in the key wholesale market of Unjha, Gujarat, were up 1,000 rupees at 46,500 rupees per 100 kg, said local trader Anuj Mittal.
The most-active December contract of TURMERIC was at 13,100 rupees per 100 kg, up 1.9% from the previous close. The contract had hit an over three-month low of 12,010 rupees on Wednesday.
Short covering in turmeric futures continued, which kept prices higher for the last two sessions, said Pandey of SMC Global.
Production prospects for the upcoming season look bleak due to lower acreage, which will prompt millers to buy on dips, said SMC Global Securities in a report.
Turmeric will face resistance near 13,700 rupees and support is seen at 11,600 rupees for this week, said Pandey of SMC Global.
Spot prices in the key wholesale market of Nizamabad in Telangana for polished turmeric were steady at 13,500 rupees per 100 kg, said Vikas Nagla, a local trader.
The most-active December contract of CORIANDER was at 8,230 rupees per 100 kg, up 4.6% from the previous close.
Coriander prices are expected to trade higher on low sowing and firm export demand for the spice, said SMC Global.
Coriander will face resistance near 8,250 rupees and support is seen at 7,300 rupees for this week, Pandey said.
Spot prices in the key wholesale market of Kota, Rajasthan, were up 100 rupees at 7,700 rupees per 100 kg, said Manish Gupta, a local trader.
Following are today’s closing prices of the most active spice contracts:
End
Edited by Ashish Shirke
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