Informist, Monday, Mar 27, 2023
By Afra Abubacker
MUMBAI – Futures contracts of all spices fell today on the National Commodity and Derivatives Exchange due to rising arrivals of the fresh crop in the wake of ongoing harvesting activities. Moreover, India Meteorological Department said unseasonal rainfall has receded in Rajasthan and Gujarat from Sunday, which improved daily arrivals.
The most-active April contract of CORIANDER was at 6,802 rupees per 100 kg, down 4% from the previous close. Earlier today, the contract had hit an over two-year low of 6,706 rupees per 100 kg.
Prices in the key wholesale market of Kota, Rajasthan, were 200 rupees down at 7,000 rupees per 100 kg, traders said.
Coriander prices fell on the domestic bourse due to rising arrivals of the fresh crop in major markets. Moreover, the coriander acreage and yield have risen compared to the previous year, which will lead to a sharp rise in arrivals during March and April.
In addition, major buyers and spice makers are avoiding bulk-buying in anticipation of a further fall in prices.
JEERA futures fell on the domestic bourse due to rising arrivals of the fresh crop in major markets. On account of higher acreage in Rajasthan, total jeera production estimate has been revised higher.
However, lower carry-over stocks and concerns over yield due to unseasonal rainfall in Gujarat are likely to limit the fall in prices. Harvesting in Gujarat is yet to gain pace, said Ravi Shankar Pandey, senior analyst with SMC Global Securities.
The most-active April contract was at 34,735 rupees per 100 kg, down 0.6% from the previous close.
TURMERIC futures fell on the domestic bourse due to rising arrivals of fresh crops in major markets. Moreover, higher production prospects weighed on market sentiments. The Spices Board has estimated turmeric production at 1.33 mln tn, up 18.4% on the year, said SMC Global Securities in a report.
The most-active April contract was at 6,850 rupees per 100 kg, down 0.6% from the previous close. Prices in the key wholesale market of Nizamabad, Telangana, were down by 30 rupees at 6,970 rupees per 100 kg, traders said.
Following are the most-active contracts of spices as of 1715 IST:
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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