Informist, Wednesday, Aug 9, 2023
By Afra Abubacker
MUMBAI – Turmeric futures fell today on the National Commodity and Derivatives Exchange as market participants booked profit. Coriander and jeera futures rose on domestic bourse due to firm demand.
The most-active October contract of TURMERIC was at 16,980 rupees per 100 kg, down 2% from the previous close. Earlier today, the contract hit a two-day high of 17,834 rupees. Turmeric futures fell today as market participants booked profit.
Turmeric prices had gained on firm demand and concern over lower production. Turmeric acreage is estimated to fall 10-15% on year as farmers have shifted to more lucrative crops, according to SMC Global Securities. Turmeric acreage in 2022-23 was 323,838 ha, data from the Spices Board showed.
Prices in the key wholesale market of Nizamabad in Telangana rose 200–300 rupees to 14,000-14,300 rupees per 100 kg, said traders. “Turmeric prices rose 200–300 rupees today for good quality,” said local trader Amrutlal Kataria.
The most-active September contract of CORIANDER was at 7,630 rupees per 100 kg, up 1.3% from the previous close. Prices in the key wholesale market of Kota, Rajasthan, were largely steady at 7,700-7,800 rupees per 100 kg, said traders.
Coriander futures rose today due to firm demand and lower arrivals. “Stockists and farmers are busy hoarding in the wake of drier global supply pipeline. Supply from the Black Sea is expected to decline as Russia exited from the grain deal with Ukraine which will affect the arrival pace adversely,” said SMC Global Securities. Russia, Bulgaria, and Ukraine are global suppliers of the aromatic spice.
The September contract may vary inside 7,300-7,800 rupees and a voluminous break from either side of the mentioned range may lend fresh direction, said Geojit Financial Services.
The most-active September contract of JEERA was at 62,700 rupees per 100 kg, up 1% from the previous close. Prices in the key wholesale market of Unjha, Gujarat, were up by 700 rupees at 62,000-62,200 rupees per 100 kg, said traders.
Jeera prices rose due to firm domestic demand. Low stocks in the domestic pipeline due to lower production also lifted prices. However, weak export demand amid an improving global supply outlook is likely to weigh on jeera prices. Supply from Syria and Turkey will improve in August-September with the commencement of new crop arrivals, said traders.
Following are today’s closing prices of the most-active contracts of spices:
End
Edited by Akul Nishant Akhoury
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