Informist, Wednesday, Feb 28, 2024
By Taniva Singha Roy
MUMBAI – Jeera and turmeric prices closed in the green on the National Commodity and Derivatives Exchange today, while coriander prices closed in the red. Jeera prices rose on concern that crop yields could be adversely affected by hailstorms and rainfall in Rajasthan and Gujarat, said analysts at SMC Global Securities.
The most active March contract of JEERA was at 24,410 rupees per 100 kg, up 1.2% from the previous close. Apart from the risk of lower yield, improved export prospects will also support prices, analysts said. The prevailing prices of jeera are competitive enough to attract international buyers, SMC Global Securities said. Jeera is likely to trade in a range of 23,500-29,000 rupees per 100 kg in the near term.
The spot price of jeera in the benchmark market of Unjha in Gujarat was at 27,500 rupees per 100 kg, up 500 rupees from the previous day. Arrivals were at 40,000 bags, the same as the previous day (1 bag = 50 kg), said Arihant Jain, a local trader. Prices rose as demand was firm, Jain said.
The most active April contract of TURMERIC was at 16,652 rupees per 100 kg, up 0.3% from the previous close. Turmeric prices extended their gains on prevailing concerns over supply tightness in major producing states. The price seasonality of turmeric suggests that rates may remain higher in March mainly because of festive buying, according to SMC Global Securities. Turmeric prices have breached the crucial resistance of 16,300 rupees per 100 kg, and are now expected to move towards 16,900 rupees in the near term. Support is anticipated at near 16,000 rupees per 100 kg.
The spot price of turmeric in the benchmark market of Nizamabad in Telangana was 14,400 rupees per 100 kg up 400 rupees from the previous day. Arrivals in Nizamabad were at 11,000 bags (1 bag = 40 kg), said Amrutlal Kataria, a local trader.
The most active April CORIANDER contract was at 8,020 rupees per 100 kg, down 0.2% from the previous close. Coriander prices are likely to trade in the range of 7,700-8,400 rupees per 100 kg in the near term.
The spot price of coriander in the benchmark market of Kota, Rajasthan, was at 5,600-6,400 for the badami quality, up 200 rupees from the previous day. Arrivals were at 700–800 bags (1 bag = 50 kg) of old stocks, and around 400 bags of the new crop, said Rohit Jain, a local trader.
The following are the most active contracts of spices as of 1839 IST:
End
Edited by Rajeev Pai
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