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India Spices: Most fall; jeera rises to 5-day high on short covering

Informist, Tuesday, Nov 7, 2023

 

By Romeo M. Raj

 

MUMBAI – Turmeric futures fell on the National Commodity and Derivatives Exchange due to sluggish domestic demand, and coriander futures fell as sowing activity is likely to pick up for the commodity. Jeera futures rose to a five-day high today as market participants covered their short positions. 

 

The most-active December contract of JEERA was at 45,605 rupees per 100 kg, up 6% from the previous close. The contract had hit a six-month low of 39,630 rupees per 100 kg on Friday. 

 

Jeera prices rose significantly again as stockists continued to show interest in buying at lower price levels, which led to short-covering, said analysts.

 

“Renewed buying at the physical market and improved export prospects with the recent fall in prices triggered short covering in the market,” said SMC Securities in a report.

 

Support for jeera futures is seen at 40,400 rupees in the near term, whereas resistance is seen at 49,500 rupees, said Ravi Shankar Pandey, senior analyst at SMC Securities. 

 

Spot prices in the key wholesale market of Unjha, Gujarat, were up 2,000 rupees at 45,000 rupees per 100 kg, said Anuj Mittal, a local trader.  

 

The most-active December contract of TURMERIC was at 13,700 rupees per 100 kg, down 1.8% from the previous close. Improved condition of the crop and purchase of limited quantities for immediate requirements by millers, weighed on prices, said SMC Securities.

 

“Losses are likely to be limited due to bleak production prospects for upcoming season amid limited availability of quality produce in the market,” said SMC Securities. 

 

Prices will face resistance near 14,700 rupees and support is seen at 12,800 rupees for next week, Pandey of SMC said.

 

The most-active November contract of CORIANDER was at 7,440 rupees per 100 kg, down 1% from the previous close. 

 

Coriander prices will face resistance near 7,900 rupees and support is seen at 6,900 rupees for next week, Pandey said. “Sowing activities are likely to pick up and run at a smooth pace that will cap the excessive gains,” said SMC. 

 

Spot prices in the key wholesale market of Kota in Rajasthan, were steady at 7,400 rupees per 100 kg, said Satya Narayan Gupta, a local trader. 

 

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

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Nov 

NCDEX

   100

    7440   (-)78

Jeera Dec

NCDEX

   100

  45,605

   2,580

Turmeric Dec

NCDEX

   100

  13,700

  (-)250

 

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.

 

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

 

Source: Cogencis

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