Informist, Friday, May 26, 2023
By Afra Abubacker
MUMBAI – Futures contracts of turmeric and coriander fell on the National Commodity and Derivatives Exchange due to tepid demand. Meanwhile, jeera futures closed higher on the domestic bourse due to value-buying, after the most active June contract fell to an over-one-month low of 42,880 rupees per 100 kg.
TURMERIC futures fell on the domestic bourse due to subdued domestic and export demand at prevailing prices. Traders are avoiding bulk buying in expectation of a further fall in prices on increased supplies in Maharashtra and Andhra Pradesh.
The most active June contract was at 8,010 rupees per 100 kg, down 1.7% from the previous close. Prices in the key wholesale market of Nizamabad, Telangana, were largely steady at 7,300-7,600 rupees per 100 kg, traders said.
Demand for export quality turmeric has slowed down at prevailing price levels, said Amrutlal Kataria, a local trader.
The most active June contract of CORIANDER was at 6,342 rupees per 100 kg, down 0.5% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were largely steady at 6,700-6,750 rupees per 100 kg, said traders.
Subdued demand and increased supplies at major markets are weighing on coriander prices. Stockists and traders are expecting prices to fall owing to higher production in Rajasthan.
JEERA futures closed higher on the domestic bourse due to value buying. The most active June contract was at 44,040 rupees per 100 kg, up 0.7% from its previous close. Earlier today, the contract fell to an over-one-month-low of 42,880 rupees per 100 kg.
Prices in the key wholesale market of Unjha, Gujarat, fell by 200–300 rupees to 45,300-45,500 rupees per 100 kg, traders said.
Jeera prices had surged to a record high of 49,280 rupees per 100 kg in the first week of May on tight supplies at major markets. Jeera prices had surged due to lower acreage in Gujarat and Rajasthan. Moreover, unseasonal rainfall in March had damaged the quality and yield of the crop.
Jeera prices started to ease as arrivals progressed and on expectations of increasing arrivals in Rajasthan in the coming days. However, supplies are tight and daily arrivals are still below normal. While domestic consumption is around 8.0-8.5 mln bags, total output is seen at 6.5 mln bags, according to the Federation of Indian Spice Stakeholders.
Tight supplies and lower availability of good quality produce are prompting millers to buy good quality crop at every price dip, said SMC Global Securities.
Following are today’s closing prices of the most active contracts of spices:
End
Edited by Deepshikha Bhardwaj
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