Informist, Friday, Feb 2, 2024
By J. Navya Sruthi
MUMBAI – Prices of turmeric and coriander rose today on the National Commodity and Derivatives Exchange, while jeera prices fell ahead of the new crop-arrival season, market participants said. Prices of turmeric rose on account of short-covering and seasonal demand, they said.
The most active April contract of TURMERIC closed higher at 15,442 rupees per 100 kg, up 6% from the previous close. The April turmeric contract will face resistance near 16,400 rupees and get support at 14,000 rupees for the week, said Anu V. Pai, analyst at Geojit Financial Services.
The prices rose sharply owing to short-covering, SMC Global Securities said in a note. Delayed harvesting of the current crop and tighter closing stocks are likely to keep the market sentiment for turmeric high in the near term, the brokerage said.
Spot prices of polished turmeric were up by 200 rupees at 13,800 rupees per 100 kg in the benchmark market at Nizamabad in Telangana, said Sandeep Akula, a local trader. Arrivals today were pegged at 3,000 bags (1 bag = 60 kg), 1,800 bags higher than on Thursday. Prices rose on seasonal demand, Akula said. Arrivals picked up because of attractive prices, he added.
The most active April contract of CORIANDER closed in the green at 7,950 rupees per 100 kg, up 2% from the previous close. Support for the April contract of coriander is seen at 7,350 rupees and resistance at 8,150 rupees for the week, Pai said.
A weaker production outlook and robust export demand are likely to support firmness in prices, according to SMC Global’s report. Lower production of the spice will lure stockists into aggressive buying, it added.
India exported about 73,180 tn of coriander during Apr-Nov, against the 21,300 tn exported in the same period the previous year, a rise of 243%, the SMC Global report said.
Spot prices in the key wholesale market of Ramganj Mandi in Rajasthan were flat at 7,400 rupees per 100 kg, said Satyanarayana Gupta, a local trader. Arrivals were pegged at 2,000 bags (1 bag = 40 kg), against 3,000 bags on the previous trading day, Gupta said.
The quality of the old stock is not good, so there is only negligible buying in the market, Gupta said. “Prices will be the same for 10–15 days, chances of a change are seen later,” he added.
The most active March contract of JEERA closed in the red at 27,150 rupees per 100 kg, down 0.5% from the previous trading day. Support for the March contract of jeera is seen at 23,450 rupees and resistance at 28,700 rupees for the week, Pai said.
Prices of jeera fell today as production in 2024 is likely to increase by around 30% on year, with a substantial rise in the cultivation area, according to SMC Global. New crop arrivals will start towards the end of February and gather pace in March.
Spot prices of jeera in the benchmark market of Unjha, Gujarat, were steady at 34,500 rupees per 100 kg, from the previous day, said Anuj Mittal, a local trader. Arrivals were pegged at 6,000-7,000 bags, he said.
Following are today’s closing prices of the most active spice contracts:
End
Edited by Rajeev Pai
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