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India Spices: NCDEX jeera hits fresh high, coriander new low

Informist, Wednesday, Dec 14, 2022

 

By Afra Abubacker

 

MUMBAI – Futures contracts of jeera and turmeric on the National Commodities and Derivatives Exchange rose due to a weak outlook on production. Coriander contracts fell due to subdued demand, while prices of chilli fell in the benchmark market of Guntur in Andhra Pradesh amid weak domestic and overseas demand.

 

* Futures contracts of JEERA on the domestic bourse rose due to a weak production outlook. Improved demand from China is also supporting prices, said analysts. The most-active January jeera contract rose today, continuing the one-week uptrend. It hit a fresh high of 27,760 rupees per 100 kg on the domestic bourse. 

 

* Though jeera acreage in Gujarat has improved from the previous week, uncertainties about output remain due to expectations of rain, said an analyst from Kotak Securities. Moisture conditions are unfavourable for jeera and last year, the crop was damaged due to unseasonal rainfall.

 

* According to latest data by the Gujarat government, jeera acreage was down only 5% on year at 224,140 ha as on Dec 12, while data as of Dec 5 showed a 15.9% drop at 144,074 ha.

 

* The-most active TURMERIC April contract rose 1.4% to 8,156 rupees per 100 kg due to concerns about weak production, said analysts. While old turmeric stocks will be cleared by December, fresh arrivals would gain pace in April.

 

CORIANDER futures on NCDEX fell further today due to tepid demand in domestic markets amid an improved production outlook. Progress in sowing and better prospects in terms of yield will further exert pressure on prices, said analysts. The most-active January contract was at 8,600 rupees per 100 kg, It had hit a new low of 8,510 rupees. 

 

* Prices of CHILLI fell today in the benchmark market of Guntur, Andhra Pradesh, due to weak domestic and overseas demand. A rise in arrivals by 5,000 bags also weighed on prices of the commodity, traders said.

 

* The Teja variety was sold at 23,000 rupees per 100 kg, down 500 rupees from the previous session. The LCA-334 variety was quoted at 27,000 rupees per 100 kg, down 1,500 rupees from Tuesday. Arrivals were pegged higher at 40,000 bags(1 bag = 40 kg), said Guntur-based trader Ashok Jain.

 

Following are the prices of the most active contracts of spices as of 1800 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Jan

NCDEX

   100

   8,600       (-)52

Jeera Jan

NCDEX

   100

  27,675

         360

Turmeric Apr

NCDEX

   100

   8,156

         110

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander Jan

      8,510

     8,820

Jeera Jan

         27,120

             27,900

Turmeric Apr

          8,000

              8,200

 

 

 

 

 

 

 

End

 

Edited by Avishsk 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.

 

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

Source: Cogencis

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