Informist, Monday, Nov 6, 2023
By Romeo M. Raj
MUMBAI – The spices complex on the National Commodity and Derivatives Exchange traded higher today due to firm demand. Jeera futures saw a steep rise as market participants covered their short positions, and coriander futures rose on the back of firm export demand.
The most-active December contract of JEERA was at 43,025 rupees per 100 kg, up 6% from the previous close. The contract had hit a six-month low of 39,630 rupees per 100 kg on Friday.
Jeera prices rose significantly as stockists showed interest in buying at lower price levels, which led to short-covering, said analysts.
Support for jeera futures is seen at 36,500 rupees in the near term, whereas resistance is seen at 44,000 rupees, said Ravi Shankar Pandey, senior analyst at SMC.
Spot prices in the key wholesale market of Unjha, Gujarat, remained stable at 42,000-43,000 rupees per 100 kg, said local trader Anuj Mittal.
The most-active December contract of TURMERIC was at 13,882 rupees per 100 kg, up 0.3% from the previous close.
Bleak production prospects for the upcoming season due to unfavourable weather conditions and shrinking supplies in the market are supporting turmeric futures, SMC Securities said in a report.
Prices will face resistance near 14,700 rupees and support is seen at 12,800 rupees for next week, Pandey of SMC said.
Spot prices in the key wholesale market of Nizamabad in Telangana were up 100-200 rupees at 13,800-14,200 rupees per 100 kg, said Vikas Nagla, a local trader.
The most active November contract of CORIANDER was at 7,496 rupees per 100 kg, up 0.3% from the previous close. Subdued supply and high export demand are supporting coriander prices.
"Gains in coriander are likely to be limited in the wake of a higher production outlook for the upcoming season," said SMC securities in a report.
Coriander prices will face resistance near 7,900 rupees and support is seen at 6,900 rupees for next week, Pandey said.
Spot prices in the key wholesale market of Kota in Rajasthan, were steady at 7,400 rupees per 100 kg, said local trader Manish Gupta.
Following are today's closing prices of the most-active spice contracts:
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
|---|---|---|---|---|
Coriander Nov | NCDEX | 100 | 7496 | 22 |
Jeera Dec | NCDEX | 100 | 43,025 | 2,435 |
Turmeric Dec | NCDEX | 100 | 13,882 | 36 |
End
Edited by Avishek Dutta
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