Informist, Monday, Jan 2, 2023
By Afra Abubacker
MUMBAI – Jeera futures contracts hit a record high on the National Commodity and Derivatives Exchange today due to firm demand amid low supply. Prices of the spice have been rising due to reports of fall in acreage and lower carry-over stocks.
* JEERA acreage in main growing state of Gujarat has fallen 8.4% on year to 274,995 ha, according to state government data released today.
* Production of jeera has fallen in Syria and Turkey, improving the prospects of global demand for Indian jeera. Demand is likely to rise from West Asian countries during Ramadan in May, analysts said.
* The most-active January contract ended at a new record high of 33,090 rupees per 100 kg, up 6% from the previous close.
* CORIANDER contracts were up due to buying at lower levels after prices slipped to a 13-month low recently, said SMC Global Securities in a report.
* Gains were limited because of improved production outlook. Coriander acreage in the main growing state of Gujarat has risen sharply by 77% on year to 221,836 ha, according to state government data released today.
* Since jeera prices are at a record high, spicemakers are likely to use coriander more in blended spices, said Ravi Shankar Pandey, senior analyst with SMC Global Securities.
* TURMERIC contracts ended marginally lower due to limited demand from spicemakers. The most-active April contract was at 8,224 rupees per 100 kg, down 0.6% from the previous close.
* The contract has been falling for eight straight sessions and is likely to fall further due to improved crop conditions, said analysts.
* Following are prices of the most-active contracts of spices as of 1830 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Tuesday:
End
Edited by Ashish Shirke
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