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Friday, January 27, 2023

India Spices: Jeera hits record high on low acreage, turmeric down

Informist, Friday, Dec 30, 2022

 

By Afra Abubacker

 

MUMBAI – Jeera futures contracts on the National Commodity and Derivatives Exchange today hit record high due to tight supply and a weak production outlook. Lower acreage and lower carryover stocks amid firm domestic and overseas demand are supporting prices, said analysts.

 

* The most-active January JEERA contract was at 31,200 rupees per 100 kg, up 3% from the previous close. Earlier today, the contract had hit a new record high of 31,645 rupees per 100 kg. 

 

* Prices in the key wholesale market of Unjha, Gujarat, were unavailable, as the market was shut today on account of the demise of Prime Minister Narendra Modi’s mother Heeraben Modi, traders said. 

 

* The trend in CORIANDER contracts remained mixed. The most-active January contract fell marginally due to tepid demand amid higher acreage, while the April contract marginally rose on expectations of bulk buying by spice makers in April, said traders.

 

* Coriander contracts have been falling because of higher acreage in the main growing state of Gujarat. According to state government data as on Dec 26, coriander acreage was up sharply by 78.5% on year at 220,077 ha.

 

* TURMERIC contracts ended marginally lower. The most-active April contract was 8,298 rupees per 100 kg, down 0.1% from the previous close. 

 

* Turmeric contracts are likely to fall further due to progress in the upcoming crop and tepid demand, said analysts. 

 

* Following are the prices of the most active contracts of spices as of 1830 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Jan

NCDEX

   100

 8,080

 (-)28

Jeera Jan

NCDEX

   100

 31,200

820

Turmeric Apr

NCDEX

   100

 8,278

 (-)10

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander Jan

  7,900

 8,500

Jeera Jan

 30,700

  31,900

Turmeric Apr

 7,900

  8,500

 

 

 

 

 

 

 

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.

 

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

Source: Cogencis

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