Informist, Thursday, Nov 30, 2023
By Romeo M. Raj
MUMBAI – Jeera futures fell on the National Commodity and Derivatives Exchange due to a rise in acreage and weak export demand, and those of coriander fell as market participants booked profits. Futures contracts of turmeric fell due to sluggish export demand for the spice.
The most-active December contract of JEERA closed at 44,550 rupees per 100 kg, down 2.9% from the previous close.
Jeera was sown over 244,639 ha this season, up 116% on year, as per data released by the Gujarat state agriculture department on Tuesday. Higher acreage of the crop in the key producing state of Gujarat led to a fall in prices, said Ravi Shankar Pandey of SMC Global Securities.
Export demand for the spice has been low at the prevailing rate as global buyers aren’t interested in Indian jeera due to uncompetitive price and quality issue, said SMC Global Securities in a report.
For the rest of the week, support for jeera futures is seen at 40,000 rupees per 100 kg, while resistance is at 48,800 rupees per 100 kg, said Pandey of SMC Global.
Spot prices of jeera in the key wholesale market of Unjha, Gujarat, were down 1,000 rupees at 47,000 rupees per 100 kg, said Anuj Mittal, a local trader.
The most-active December contract of TURMERIC closed at 12,806 rupees per 100 kg, down 0.8% from the previous close.
“Exports have been sluggish in recent months and that weighed on market sentiments. Losses in turmeric are likely to be limited due to weaker production prospects for the upcoming season,” said SMC Global.
Turmeric prices fell as market participants anticipated the release of stocks ahead of the commencement of new crops in January and improved crop conditions due to favourable weather, Kedia Advisory said in a note.
Turmeric will face resistance near 13,700 rupees and support is seen at 11,600 rupees for this week, said Pandey of SMC Global.
Spot prices in the key wholesale market of Nizamabad in Telangana weren’t available as the market was closed due to voting for the state assembly election, said Sandeep Akula, a local trader.
The most-active December contract of CORIANDER closed at 8,202 rupees per 100 kg, down 1.6% from the previous close.
Coriander prices fell as market participants booked profits at higher levels. The contract had touched a 10-month high of 8,462 rupees per 100 kg on Wednesday.
However, losses will be limited due to low sowing and firm export demand for the spice.
The acreage of coriander was down 63.8% at 56,737 ha, as per data released by the Gujarat agriculture department on Tuesday. Gujarat is the second-largest producer of coriander.
Coriander will face resistance near 8,500 rupees and support is seen at 7,900 rupees for this week, Pandey said.
Spot prices in the key wholesale market of Kota, Rajasthan, were down 300 rupees at 7,600 rupees per 100 kg, said Manish Gupta, a local trader.
Following are today’s closing prices of the most active spice contracts:
End
Edited by Tanima Banerjee
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