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