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India Spices: Most up on bargain-buying; turmeric dn on profit-taking

Informist, Thursday, Aug 17, 2023

 

By Afra Abubacker

 

MUMBAI – Turmeric futures fell today on the National Commodity and Derivatives Exchange as market participants booked profits, while coriander and jeera contracts inched up due to bargain-buying. 

 

The most-active October contract of TURMERIC was at 15,722 rupees per 100 kg, down 2% from the previous close. Prices in key wholesale markets of Nizamabad in Telangana were down 200 rupees from Monday at 13,800-14,100 rupees per 100 kg, said traders. The market was shut Wednesday on account of Amavasya. 

 

Turmeric prices fell today as market participants booked profits. Increased arrivals from stockists and farmers who anticipated a further fall in prices also weighed on the spice. “Profit booking in turmeric is likely to continue and pull prices further down,” said SMC Global Securities. 

 

“Any slippage past 15,700 rupees may intensify weakness,” said Geojit Financial Services. However, concerns over lower production in the backdrop of lower acreage are likely to cushion prices. 

 

The most-active September contract of CORIANDER was at 7,270 rupees per 100 kg, up 0.4% from the previous close. Earlier today, the contract hit a three-week low of 7,156 rupees. 

 

Coriander futures gained today due to bargain-buying. Increased export demand for Indian coriander in the wake of declining supply from Russia and Ukraine also supported prices. Prices in the key wholesale market of Kota, Rajasthan, were up by 50 rupees at 7,650 rupees per 100 kg, said traders.

 

The most-active September contract of JEERA was at 59,160 rupees per 100 kg, up 1% from the previous close. Earlier in the day, the contract hit over a four-week low of 57,310 rupees.

 

Jeera futures rose today due to bargain-buying. Since August, jeera prices have dropped more than 1,000 rupees due to subdued export demand amid an improving global supply scenario. Supply from Syria and Turkey picks up in Aug-Sep with the commencement of new crop arrivals, said traders.

 

Prices in the key wholesale market of Unjha, Gujarat, were down by 300 rupees at 60,300-60,600 rupees per 100 kg, said traders. Subdued export demand and increased arrivals weighed on spot prices, said traders. 

 

However, tight supplies in the domestic pipeline owing to lower production are likely to cap further losses, said traders. 

 

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

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Sep 

NCDEX

   100

  7,270 30

Jeera Sep

NCDEX

   100

 59,160

 570

Turmeric Oct

NCDEX

   100

 15,722

 (-)282

 

End

 

Edited by Tanima Banerjee

 

 

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.

 

Informist Media Tel +91 (22) 6985-4000 /+91 (11) 4220-1000

Send comments to [email protected]

 

© Informist Media Pvt. Ltd. 2023. All rights reserved.

 

Source: Cogencis

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