Informist, Tuesday, Feb 27, 2024
By Taniva Singha Roy
MUMBAI – Turmeric futures contracts hit the upper circuit today on the National Commodity and Derivatives Exchange on concerns about domestic production and higher demand, analysts said. Coriander contracts also rose on concerns about lower production, while jeera declined.
At 1650 IST, the most active TURMERIC April contract was at the upper circuit of 6% at 16,604 rupees per 100 kg. Turmeric prices rose on concerns over supply tightness in major producing states, analysts said. The demand is also robust in the wake of a series of festivals and the commencement of the wedding season, they said. Domestic turmeric production is likely to decline about 14% on year due to lower areas amid tumbling yields, according to SMC Global Securities.
The spot price of turmeric in the benchmark Nizamabad market was 14,000 rupees per 100 kg. Arrivals in Nizamabad were at 26,000 bags (1 bag = 40 kg), said Amrutlal Kataria, a local trader.
At 1650 IST, the most active April CORIANDER contract was at 8,050 rupees per 100 kg, up 3.5% from the previous close. Analysts said a weaker production outlook in India and strong demand ahead of the Holi festival are likely to keep prices firm in the near term. According to SMC Global Securities, domestic coriander production is likely to fall 10-15% on year due to lower area and yield.
The spot price of the new crop of coriander in the market at Kota in Rajasthan was 4,600-6,650 rupees per 100 kg, up 100–150 rupees from the previous close. Arrivals in Kota were 800 bags (1 bag = 50 kg) of old stocks and around 400 bags of the new crop, said Rohit Jain, a local trader. Prices rose today, tracking the rise in futures contracts and higher demand, traders said.
At 1650 IST, the most active March contract of JEERA was at 24,100 rupees per 100 kg, down 4.9% from the previous close. Prices fell on expectations of a bumper crop.
The spot price of jeera at the benchmark market of Unjha in Gujarat was at 29,000 rupees per 100 kg, down 150 rupees from the previous close. Arrivals were at 37,000 bags (1 bag = 50 kg), the same as the previous day, said Anuj Mittal, a local trader.
The following are the most active contracts of spices as of 1650 IST:
End
Edited by Saji George Titus
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