Informist, Monday, Jan 30, 2023
By Afra Abubacker
MUMBAI – Futures contracts of coriander and turmeric on the National Commodity and Derivatives Exchange fell today due to rising arrivals amid weak demand in domestic and overseas markets, traders said. Jeera futures, however, rose due to concerns over sowing in the main growing state of Gujarat.
* CORIANDER contracts fell on the bourse today due to weak demand amid improved outlook for fresh crop arrivals, traders said.
* In Gujarat, a key coriander growing state, farmers have sown the spice over 231,870 ha, with an estimated production of 425,620 tn. Yield is expected to improve 10% from last year to 1,835.6 kg per ha.
* Due to improved yield and largely favourable weather conditions, Rajasthan Spices Association on Saturday estimated a bumper crop of 16–18 mln bags (1 bag = 40 kg). However, India consumes only 12.5 mln bags of coriander, Manish Gupta, a Kota-based trader said.
* The most-active April contract was at 7,780 rupees per 100 kg, down 0.7% from the previous close.
* TURMERIC contracts closed lower on the domestic bourse today because of increased new crop supply amid weak demand. Moreover, stockists and traders are avoiding bulk buying in expectation of a further fall in prices.
* Prices in the key wholesale market of Nizamabad, Telangana, were steady at 7,000-7,200 rupees per 100 kg. A total of 5,700 bags (1 bag = 60 kg) arrived today, of which 5,225 bags were of the fresh crop, local traders said.
* The most-active April contract was at 7,290 rupees per 100 kg, down 1.3% from the previous close.
* JEERA contracts rose on the domestic bourse due to concerns over sowing in key producer Gujarat amid lower carryover stock and a drop in acreage, an analyst said.
* However, limited buying by millers and exporters in the wake of new crop arrivals season capped the gains.
* Prices in the key wholesale market of Unjha, Gujarat, were down by 150-200 rupees at 31,500-31,700 rupees per 100 kg, traders said.
* The most active March contract was at 31,600 rupees per 100 kg, up 2% from the previous close.
* Prices of CHILLI fell today in the benchmark market of Guntur, Andhra Pradesh, due to high supply amid weak domestic and overseas demand, traders said.
* Moreover, expectation of increased arrivals of new good quality crop in the coming days also weighed on sentiment.
* The Teja variety was sold at 19,000 rupees per 100 kg, down by 1,000 rupees from the previous session. Prices of the LCA-334 variety were down by 4,000 rupees to 20,000 rupees per 100 kg. Arrivals were at 130,000 bags (1 bag = 40 kg), up 40,000 bags, Ashok Jain, a local trader, said.
* Following are the most-active contracts of spices as of 1715 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Tuesday:
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
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis
