Informist, Friday, May 5, 2023
By Afra Abubacker
MUMBAI – Futures contracts of jeera hit a fresh record high on the National Commodity and Derivatives Exchange today as demand remained firm amid supply concerns, but turmeric contracts fell on profit booking.
The most-active June contract of JEERA closed at 47,570 rupees per 100 kg, up 4% from Thursday.
Jeera futures rallied on supply concerns following a drop in acreage and yield after unseasonal rains in March. Lower carry-over stocks, below-normal daily arrivals and improved export demand from China are also supporting prices.
Jeera prices are expected to move gradually towards the resistance of 51,100 rupees per 100 kg in the coming weeks. The near-term support remains at 40,000 rupees. The spice is likely to see intermittent price correction as new crop arrivals gain pace, SMC Global Securities said in a report.
CORIANDER futures rose on the domestic bourse on concern about lower production after unseasonal rain in Rajasthan and increased export demand. The most-active June contract was at 6,828 rupees per 100 kg, up 1% from the previous close.
Coriander exports in February rose 58% on year to 3,680 tn. However, overall export in Apr-Feb fell 7.3% on year to 32,230 tn, against 34,770 tn in the previous year.
The most-active June contract of TURMERIC was at 7,506 rupees per 100 kg, down 0.5% from the previous close. Earlier today, the contract hit a three-month high of 7,716 rupees per 100 kg.
Turmeric futures fell as market participants booked profits. On Thursday, turmeric prices had rallied on concern about the kharif crop due to a subnormal monsoon on the El Nino effect. Turmeric is sown during the kharif season, but because of a nine-month maturity period, it is harvested along with the rabi crops.
Turmeric futures have been gaining on concern about the upcoming crop while expectation of increased arrivals in markets from the current harvest of the previous crop are weighing on spot prices.
Following are today's closing prices of most-active contracts of spices:
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
|---|---|---|---|---|
Coriander June | NCDEX | 100 | 6,828 | 54 |
Jeera June | NCDEX | 100 | 47,570 | 1,825 |
Turmeric June | NCDEX | 100 | 7,505 | (-)38 |
End
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved.
