13.9 C
New York
Wednesday, December 7, 2022

India Spices:Jeera, turmeric up on firm export demand; coriander down

Informist, Monday, Nov 7, 2022

 

By Chinmay Mungse

 

MUMBAI – Futures contracts of jeera and turmeric rose today due to higher export demand, while coriander contracts were down. Prices of chilli remained unchanged in the spot market of Guntur, traders said.

 

JEERA contracts on the National Commodity and Derivatives Exchange rose today on the back of higher export demand. The near-term outlook remains firm due to concerns over supply amid rising demand from domestic spice makers, said Bhanubhai Joshi, a trader based in Unjha, Gujarat.

 

* High rainfall has delayed sowing in Gujarat, one of the largest producers. Higher moisture conditions, which are not apt for sowing of the crop, may delay sowing by 10-15 days. While jeera sowing has started in some parts of Rajasthan due to less moisture conditions, sowing in Gujarat is yet to gain pace.

 

* Futures contracts of TURMERIC were trading higher today on the domestic bourse due to expectations of higher export demand. Concerns over supply in the domestic market are also seen supporting the uptrend in prices, traders said.

* Arrivals have been coming down after Diwali. Turmeric arrivals in spot markets have been declining amid lower production and unseasonal rains, said R.K. Vishwanathan, a trader in Erode.

 

* Production of turmeric is expected to fall amid estimates of lower acreage by the market. Moreover, yield is likely to be lower due to unseasonal rains this season, Kotak Securities said in a report.

 

CORIANDER futures were trading lower on the domestic bourse today due to sluggish buying. “Reports of a rise in area under coriander are keeping spices makers away from bulk buying,” SMC Global said in a report.

 

* Prices of CHILLI were largely unchanged in the benchmark market of Guntur, Andhra Pradesh. The near-term outlook for chilli remains weak due expectations of lower demand from overseas buyers and domestic spice makers, said Jugraj Bhandari, a trader based in Guntur.

 

* Today, the Teja variety was sold at 23,000 rupees per 100 kg and the LCA-334 variety at 24,000 rupees, both unchanged from the previous day of trade. Arrivals were pegged steady at 80,000 bags (1 bag = 40 kg).

 

Following are the prices of the most active contracts of spices as of 1708 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Dec

NCDEX

   100

10,912(-) 70

Jeera Nov

NCDEX

   100

25,125

     65

Turmeric Nov

NCDEX

   100

7,330   30

 

* Following are the expected support and resistance levels for contracts of spices for trade on Friday:

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

         10,720

             11,280

Jeera

         24,750

             25,600

Turmeric

          7,220

              7,670

 

 

 

 

 

 

 

End

 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

 

© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,280FansLike
12,893FollowersFollow
743FollowersFollow
- Advertisement -

Latest Articles

Popular Articles