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India Spices:Jeera down on profit booking; turmeric, coriander mixed

Informist, Monday, Jan 16, 2023

 

By Afra Abubacker

 

MUMBAI – Jeera futures on the National Commodity and Derivatives Exchange fell because of profit booking, while coriander and turmeric contracts ended mixed. Prices of Chilli were unavailable today, as the market was shut on account of Makar Sankranthi, said traders. 

 

* JEERA futures contracts fell on the domestic bourse today as market participants booked profits. However, lower acreage and lower carryover stocks limited the fall. Jeera acreage in main growing state of Gujarat was down 10.2% on year at 275,830 ha as of Monday, according to the state government data. 

 

* The most-active March contract was at 35,620 rupees per 100 kg, down 4% from the previous close. Earlier today, the contract hit a record high of 37,990 rupees per 100 kg. 

 

* Jeera prices have been rising sharply due to a weak production outlook. Jeera production in Syria and Turkey has fallen, improving the prospects of demand for Indian jeera from West Asia during Ramadan in March.

 

CORIANDER futures contracts traded mixed on the domestic bourse. While the January contract fell due to higher acreage in the main growing state of Gujarat, the most active April contract rose due to concerns about yield amid excess cold conditions in Rajasthan. 

 

* Coriander acreage in Gujarat increased 77.6% on year to 222,792 ha as of Monday, according to state government data. 

 

* Prices in the key wholesale market of Kota, Rajasthan, were steady at 8,300 rupees per 100 kg, said traders. 

 

TURMERIC futures contracts traded mixed on the domestic bourse. While the most-active April turmeric contract marginally rose due to improved demand for the standing crop from spice makers, the May contract fell amid improved crop conditions and better yield prospects, said analysts. 

 

* The most-active April contract was at 7,800 rupees per 100 kg, up 1% from the previous close. The May contract was at 7,894 rupees per 100 kg, down 0.3% from the previous close.

 

* Prices in the key wholesale market of Nizamabad, Telangana, were unavailable today as the market was shut on account of Makar Sankranti. The market will reopen on Tuesday.

 

* Prices of CHILLI were unavailable today as the market was shut today on account of Makar Sankranti. The market will reopen on Tuesday.

 

* Following are the prices of the most-active contracts of spices as of 1730 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Apr

NCDEX

   100

 8,350 34

Jeera Mar

NCDEX

   100

 35,620

 (-)1,480

Turmeric Apr

NCDEX

   100

 7,800

 62

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander Apr

  8,100

 8,500

Jeera Mar

 35,000

  37,500

Turmeric Apr

 7,620

  8,150

 

 

 

 

 

 

 

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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