Informist, Thursday, Feb 22, 2024
By Taniva Singha Roy
MUMBAI – Futures contracts of jeera and turmeric on the National Commodity and Derivatives Exchange closed in the red today, while those of coriander closed in the green for the second consecutive day. Jeera prices fell on expectation of a bumper crop this year, said Ravi Shankar Pandey, analyst at SMC Global Securities.
JEERA prices fell and the most active March contract ended 2.5% lower at 26,355 rupees per 100 kg. Jeera traded lower because of increased selling pressure in the market in the wake of bumper crop prospects, according to SMC Global Securities. Moreover, harvesting activities have increased, and so have the arrivals in the market. The crop is higher by 30-40% from the previous year, which is weighing on jeera prices, said Pandey. Support for jeera is seen at 22,500 rupees and resistance is seen at 34,000 rupees.
The spot price of jeera in the benchmark market of Unjha, Gujarat, was at 28,500-30,000 rupees per 100 kg, 500 rupees down from the previous day. Arrivals for jeera were at 20,000 bags, up 2,000 bags from the previous day (1 bag = 50 kg), said Arihant Jain, a local trader.
The most active April contract of CORIANDER closed at 7,790 rupees per 100 kg, up 0.1% from the previous close. Robust export demand is likely to keep coriander prices up. India exported about 731,800 tn of the spice in 2023 against the 213,000 tn the previous year, up by a whopping 243% on the year. Additionally, improved buying ahead of Holi festival is also likely to support prices in the near term, according to SMC Global Securities. Support for coriander is seen at 7,200 rupees and resistance at 8,400 rupees.
Spot price of coriander in the market of Neemuch mandi in Madhya Pradesh was 7,500-7,800 rupees per 100 kg. Prices were up by 50-100 rupees from the previous day, said Manish Gupta, a local trader. Arrivals were at 1,500 bags (1 bag = 40 kg), Gupta said.
The most active April contract of TURMERIC was at 15,320 rupees per 100 kg, down 0.7% from the previous close. Turmeric prices are down on increased arrivals in the market, according to SMC Global Securities. The golden spice is likely to find support at 14,800 rupees and face resistance at 16,300 rupees.
The spot price of turmeric in the benchmark market of Nizamabad in Telangana was at 13,000 rupees per 100 kg, down 2,000 rupees from the previous day. Arrivals were seen at 10,330 bags, down 1,115 bags from the previous day (1 bag = 50 kg), said Amrutlal Kataria, a local trader.
End
Edited by Deepshikha Bhardwaj
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