Informist, Wednesday, Dec 6, 2023
By Romeo M. Raj
MUMBAI – Jeera futures on the National Commodity and Derivatives Exchange finally rose today, because of short covering, after dropping for five straight sessions. Futures contracts of turmeric rose on lower production prospects and improved export demand for the spice. Coriander futures rose on low sowing and high export demand for the crop.
The most-active December contract of JEERA ended a five-day losing streak to end in positive territory, at 39,400 rupees per 100 kg, up 0.9% from the previous close. The contract had hit a seven-month low of 38,325 rupees per 100 kg during intraday today.
Jeera futures rose as the spice found support at lower levels on value buying by investors after the recent fall.
For this week, support for jeera futures is seen at 36,000 rupees per 100 kg, while resistance is at 44,000 rupees per 100 kg, said Ravi Shankar Pandey, senior analyst at SMC Global Securities.
Spot prices of jeera in the key wholesale market of Unjha, Gujarat, were flat at 43,000 rupees per 100 kg, said Anuj Mittal, a local trader.
The most-active December contract of TURMERIC closed at 12,818 rupees per 100 kg, up 1.4% from the previous close.
Turmeric futures rose due to weaker production prospects for the upcoming season, said SMC Global Securities in the daily report.
Improved export demand also supported turmeric prices. Turmeric exports rose 4.1% on year during Apr-Sep to 92,025 tn, as per the export data by the commerce ministry.
Turmeric will face resistance near 13,200 rupees and support is seen at 11,600 rupees for this week, said Pandey of SMC Global.
Spot prices for polished turmeric in the key wholesale market of Nizamabad, Telangana, were up 200 rupees at 13,700 rupees per 100 kg, said Vikas Nagla, a local trader.
The most-active December contract of CORIANDER closed at 7,438 rupees per 100 kg, up 0.4% from the previous close, after dropping for four straight sessions.
Coriander prices traded higher today on low sowing and firm export demand for the spice. The acreage of coriander was down 44.4% on year at 97,805 ha, as per data released by the Gujarat state agriculture department on Monday. Gujarat is the second-largest producer of the spice.
India’s exports rose 57% on year to 4,039 tn of coriander in September, against 2,580 tn in the last year, whereas overall exports were reported at 66,207 tn during Apr-Sep, higher by 298% on year, as per latest data available on the commerce ministry’s website.
Coriander will face resistance near 8,400 rupees and support is seen at 7,000 rupees for this week, Pandey of SMC Global said. Spot prices in the key wholesale market of Kota, Rajasthan, were up 100 rupees at 7,500 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 Manisha Baxla
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