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India Spices: Jeera up on lower output cues; coriander down on NCDEX

Informist, Wednesday, Jan 4, 2023

 

By Ashtha Tiwari 

 

NEW DELHI – Jeera futures rose on the National Commodity and Derivatives Exchange today due to firm demand and weak production outlook, while coriander contracts fell due to sluggish demand amid lean season, market participants said. 

 

* The most-active JEERA January contract was at 34,110 rupees per 100 kg, up 1.8% from the previous close. On Tuesday, the contract hit a new record high of 34,660 rupees per 100 kg. 

 

* Jeera acreage in the main growing state of Gujarat has fallen 8.4% on year to 274,995 ha, according to the state government data released on Monday. Jeera is typically sown from October to December, while fresh crop arrivals start from March. 

 

* Jeera production has declined in Syria and Turkey, leading producers, improving the prospects of global demand for Indian jeera, analysts said. 

 

CORIANDER prices were steady in key wholesale market of Kota, Rajasthan, at 8,500-8,800 rupees per 100 kg. Arrivals were at 200 bags (1 bag = 40 kg), traders said.

 

* Coriander contracts on the domestic bourse fell today to 8,022 rupees per 100 kg, down 0.7% from previous day. 

 

* Fresh arrivals will gather pace within 10-15 days, in turn improving demand of the commodity, traders said. 

 

* Coriander acreage in the main growing state of Gujarat has risen to 221,836 ha, up 77% on year from 125,171 ha in 2021, according to the state government data released on Monday.

 

TURMERIC contracts were up on the domestic bourse due to less supply in the spot market. The most-active April contract was at 7,956 rupees per 100 kg, up 0.5% from the previous close.

 

* The arrivals are likely to rise after Jan 28, traders said. Farmers are expected to bring more of the commodity after Makar Sankranti, traders added.  

 

* Currently, millers and stockists are not buying the commodity as new arrivals are likely to hit the market from February, according to SMC Global commodity report. 

 

* Following are prices of the most-active contracts of spices as of 1732 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Jan

NCDEX

   100

 8,022 (-)58

Jeera Jan

NCDEX

   100

 34,110

 610

Turmeric Apr

NCDEX

   100

 7,956

 42

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander Jan

  7,780

 8,240

Jeera Jan

 32,500

  34,200

Turmeric Apr

 7,720

  8,120

 

 

 

 

 

 

 

End

 

Edited by Vidhi Verma

 

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. 2023. All rights reserved.

 

Source: Cogencis

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