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Friday, January 27, 2023

India Spices:Jeera dn as output may rise, coriander up on low supply

Informist, Thursday, Jan 5, 2023

 

By Ashtha Tiwari 

 

NEW DELHI – Jeera futures on the National Commodity and Derivatives Exchange fell today due to prospects of higher production, while coriander contracts gained due to tight supply from major producing regions, market participants said. 

 

* The most-active January JEERA contract was at 33,260 rupees per 100 kg, down 2.63% from the previous close. On Tuesday, the contract had hit a record high of 34,660 rupees per 100 kg. 

 

* Production of jeera is seen increasing 11.6% on year to 247,290 tn due to a rise in yield, data showed. The yield of jeera this season is likely to surge to 845.8 kg per ha from 721.0 kg per ha a year ago.

 

* CORIANDER prices were steady in key wholesale market of Kota, Rajasthan, at 8,500-8,800 rupees per 100 kg. 

 

* Coriander contracts on the domestic bourse rose to 8,020 rupees per 100 kg, up 0.4% from the previous day. Limited supplies from major producing regions supported prices, analysts said.  

 

* Fresh arrivals have started coming into Gujarat and will gather pace within 10-15 days, improving demand, traders said. 

 

TURMERIC contracts were down due to sluggish demand in the spot market. The most-active April contract was at 7,794 rupees per 100 kg, down 2.06% from the previous close.

 

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

 

* Following are the prices of the most-active contracts of spices as of 1707 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Jan

NCDEX

   100

 8,020 0.43

Jeera Jan

NCDEX

   100

 33,260

 (-) 2.63

Turmeric Apr

NCDEX

   100

 7,794

(-) 2.06

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander Jan

  8,280

 8,760

Jeera Jan

 32,500

  34,500

Turmeric Apr

 7,620

  8,080

 

 

 

 

 

 

 

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. 2023. All rights reserved.

Source: Cogencis

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