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Monday, March 27, 2023

India Spices: Most down; turmeric and jeera hit over 1-month low

Informist, Friday, Jan 27, 2023


By Afra Abubacker


MUMBAI – Futures contracts of most spices fell on the National Commodity and Derivatives Exchange today due to weak demand amid rising fresh crop arrivals. While the most-active April turmeric contract hit a one-month low of 7,304 rupees per 100 kg, on expectation of higher arrivals in Telangana in the coming days, the most-active March jeera contract hit over one-month low of 30,250 rupees per 100 kg, because of limited buying in domestic markets. 


TURMERIC contracts closed lower on the domestic bourse today because of higher new crop supply amid weak demand. Prices in the key wholesale market of Nizamabad, Telangana, were down by 100 rupees at 6,800-7,100 rupees per 100 kg.  A total of 3,600 bags (1 bag = 60 kg) arrived today, of which 2,800 bags were of the fresh crop, local traders said. 


* Moreover, stockists and traders are avoiding bulk buying in expectation of a further fall in prices.


* While new crop supplies are improving in Telangana, Maharasthra will see new crop arrivals starting March, said Vikas Nagla, a Nizamabad-based trader. Other major turmeric producing states are Karnataka and Tamil Nadu.  


* Demand is expected to pick up from West Asia from February end during Ramadan in March, Nagla said. 


* The most-active April contract was at 7,380 rupees per 100 kg, down 4.7% from the previous close. Earlier today, the contract hit an over one-month low of 7,304 rupees per 100 kg. 


CORIANDER contracts fell on the bourse today due to tepid demand in domestic markets amid rising fresh crop arrivals.


* Fresh crop arrivals are yet to gain pace in Rajasthan, however, Gujarat is seeing daily arrivals of 10,000 bags (1 bag = 40 kg), said Satya Narayan Gupta, a Kota-based trader. Madhya Pradesh, Gujarat and Rajasthan are the major coriander producing states.


* The fresh crop is of good quality, but has higher moisture content. Fresh coriander crop arrivals from January to February typically have higher moisture content due to climatic conditions. Demand from spice makers is likely to pick up from March, as moisture conditions will be the least then due to dry weather conditions, traders said. 


* Coriander prices have been falling because of higher acreage and improved yield prospects. Prices also slumped because of selling pressure before the arrival of fresh crops, traders said. 


JEERA contracts traded lower on the bourse due to limited buying in domestic markets. Millers and exporters are avoiding bulk buying in wake of new crop arrivals, SMC Global Securities said in a report.


* The most-active March contract was at 31,000 rupees per 100 kg, down 1.5% from the previous close. Earlier today, the contract hit one-month low of 30,250 rupees per 100 kg. 


* Prices in the key wholesale market of Unjha, Gujarat, were down by 600 rupees at 31,800-32,000 rupees per 100 kg, traders said. 


* Prices of CHILLI were largely unchanged in the benchmark market of Guntur, traders said. However, prices are likely to fall from mid-February due to higher arrivals of new crop with good quality, local trader Ashok Jain said. 


* Today, the Teja variety was sold at 20,000 rupees per 100 kg. The LCA-334 variety prices was sold at 24,000 rupees per 100 kg. Arrivals were at 90,000 bags (1 bag = 40 kg), traders said. 


* Following are the most-active contracts of spices as of 1715 IST:










Coriander Apr



 7,820 (-)278

Jeera Mar





Turmeric Apr






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







Coriander Apr



Jeera Mar



Turmeric Apr













Edited by Vidhi Verma


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Source: Cogencis

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