India Spices:Turmeric dn on profit booking; coriander up, jeera flat

Informist, Friday, Jul 21, 2023

By Afra Abubacker

MUMBAI – Coriander futures rose on the National Commodity and Derivatives Exchange today on firm demand. Turmeric futures fell on the domestic bourse as market participants booked profits, while jeera contracts were largely flat. 

The most active August contract of CORIANDER was at 7,666 rupees per 100 kg, up 1.4% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were steady at 7,400 rupees per 100 kg, said traders.

Coriander prices rose today due to firm demand. Concerns over lower arrivals in the coming days due to forecast of heavy rains in Gujarat and Rajasthan also supported prices. 

Firm export demand for the aromatic spice also aided the prices. According to data from the Spices Board, coriander exports rose 12% on year to 54,482 tn in 2022-23. 

“A voluminous rise above the immediate resistance of 7,540 rupees may call for more upsides,” said Geojit Financial Services. 

The most active August contract of TURMERIC was at 13,000 rupees per 100 kg, down 1.2% from the previous close. Earlier in the day, the contract hit a 13-year high of 13,668 rupees. Turmeric prices fell today as market participants booked profits.

However, firm export demand and concerns over lower production are likely to limit the fall in prices. In 2022-23 (Apr-Mar), turmeric exports rose 11% to 170,085 tn, data from the Spices Board of India showed. According to SMC Global Securities, turmeric acreage is estimated to fall 10-15% on year due to the delayed onset of the monsoon and farmers shifting to more lucrative crops. 

Prices in the key wholesale market of Nizamabad in Telangana were unavailable as the market was shut today, said local trader Amrutlal Kataria.

The most active August contract of JEERA was largely flat at 61,355 rupees per 100 kg. Prices in the key wholesale market of Unjha, Gujarat, were largely steady at 60,400 rupees per 100 kg, said traders.   

Jeera prices are on an uptrend due to firm export demand and low arrivals in Gujarat as heavy rainfall disrupted the pace of arrivals. Lower production and concerns over lower arrivals in the coming days also aided the uptrend. However, subdued domestic demand at prevailing price levels amid a lack of festival demand in July is likely to cap further gains, said SMC Global Securities. 

Following are today’s closing prices of the most-active contracts of spices:

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Aug 

NCDEX

   100

 7,666  106

Jeera Aug 

NCDEX

   100

  61,355

 20

Turmeric Aug

NCDEX

   100

  13,000

   (-)152

End

Edited by Aditya Sakorkar

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