Informist, Tuesday, May 23, 2023
By Afra Abubacker
MUMBAI – Futures contracts of all spices fell today on the National Commodity and Derivatives Exchange. Turmeric contracts fell for the fourth straight session, due to tepid demand and profit booking. The most-active June contract of jeera fell to a one-month low of 43,200 rupees per 100 kg.
JEERA futures fell on the domestic bourse due to tepid demand from traders and stockists. Prices also fell as market participants booked profits. Expectation of increased arrivals at major markets in the coming days also weighed on prices.
The most-active June contract was at 44,130 rupees per 100 kg, down 1.2% from its previous close. Earlier today, the contract hit a one-month low of 43,200 rupees per 100 kg. Prices in the key wholesale market of Unjha, Gujarat, fell 200 rupees to 45,900 rupees per 100 kg.
CORIANDER contracts fell on the domestic bourse due to subdued demand and increased supplies at major markets. Stockists and traders are expecting prices to fall further owing to increasing supplies in Rajasthan.
Rajasthan is seeing above-normal arrivals of 30,000-35,000 bags (1 bag = 45 kg) due to higher production in the state. Moreover, since the weather is dry, markets are seeing higher arrivals, said Satya Narayan Gupta, a Kota-based trader.
The most-active June contract was at 6,490 rupees per 100 kg, down 0.3% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, fell 100 rupees to 6,700 rupees per 100 kg, said traders.
Prices are likely to fall further by 100 rupees by June first week, Gupta said.
TURMERIC futures fell for the fourth straight session on the domestic bourse as market participants booked profits. Subdued domestic and export demand at prevailing prices and expectation of further fall in prices on increased supplies at Maharashtra and Andra Pradesh weighed on turmeric prices.
The most-active June contract was at 7,888 rupees per 100 kg, down 0.5% from the previous close. Prices in the key wholesale market of Nizamabad, Telangana, fell 100 rupees to 7,200-7,300 rupees per 100 kg, traders said.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Tanima Banerjee
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