Informist, Thursday, Dec 8, 2022

By Afra Abubacker

MUMBAI – Futures contracts of turmeric and jeera on the National Commodity and Derivatives Exchange rose today due to concerns over yield. The December contract of coriander extended its fall and hit a six-month low today.  

* Futures contracts of JEERA on NCDEX rose for the fourth day and hit an all-time high of 26,080 rupees per 100 kg due to concerns that supply may not be adequate to meet demand, traders said. The January contract was 26,300 rupees per 100 kg, up 1.7% from the previous close.

* A weak production outlook because of a drop in acreage in the key growing state of Gujarat is supporting jeera prices. According to data released by the Gujarat government on Monday, jeera acreage in the ongoing rabi sowing season has fallen 15.9% to 144,074 ha from 171,459 ha a year ago.

* The price of jeera in the key wholesale market of Unjha, Gujarat, was 24,800 rupees per 100 kg, up by 400 rupees from Wednesday. Arrivals were down by 1,000 bags at 6,000 bags (1 bag = 50 kg), said local trader Jigar Patel. 

* If the sowing data in the last week of December is lower than expected, prices are likely to rise further, Patel said.

* Expectation of higher demand from China for the upcoming Chinese New Year celebrations, amid easing lockdown restrictions, also supported sentiment. The market is seeing fresh buying, and this is likely to sustain, said an analyst from Kotak Securities.   

* TURMERIC futures on NCDEX rose today because of concerns over falling yield. However, tepid demand from spice makers and stockists limited the gains.

* There are concerns over a fall in yield due to adverse weather conditions in Andhra Pradesh, an analyst said. However, adequate stocks and slack demand in December will keep prices subdued in the near term. 

* The December futures contract of CORIANDER on the domestic bourse hit a six-month low as traders unwound positions, said an analyst. The contract closed at 9,290 rupees per 100 kg, down 0.2%. However, after paring losses, the January contract closed 0.2% higher at 9,224 rupees per 100 kg.  

* However, progress in sowing and higher acreage of coriander are likely to limit the gains. In Gujarat, the largest grower of the spice, coriander was sown across 175,854 ha as of Monday, up 102.9% on year, according to data released by the state government.

* Coriander prices are likely to continue the downtrend during the week due to negligible buying by spice makers, said Kota-based trader Manish Gupta.

Following are the prices of the most active contracts of spices as of 1907 IST:

Following are the expected support and resistance levels for contracts of spices for trade on Thursday:

End

US$1 = 82.42 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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. 2022. All rights reserved.

Informist, Thursday, Dec 8, 2022

By Afra Abubacker

MUMBAI – Futures contracts of turmeric and jeera on the National Commodity and Derivatives Exchange rose today due to concerns over yield. The December contract of coriander extended its fall and hit a six-month low today.  

* Futures contracts of JEERA on NCDEX rose for the fourth day and hit an all-time high of 26,080 rupees per 100 kg due to concerns that supply may not be adequate to meet demand, traders said. The January contract was 26,300 rupees per 100 kg, up 1.7% from the previous close.

* A weak production outlook because of a drop in acreage in the key growing state of Gujarat is supporting jeera prices. According to data released by the Gujarat government on Monday, jeera acreage in the ongoing rabi sowing season has fallen 15.9% to 144,074 ha from 171,459 ha a year ago.

* The price of jeera in the key wholesale market of Unjha, Gujarat, was 24,800 rupees per 100 kg, up by 400 rupees from Wednesday. Arrivals were down by 1,000 bags at 6,000 bags (1 bag = 50 kg), said local trader Jigar Patel. 

* If the sowing data in the last week of December is lower than expected, prices are likely to rise further, Patel said.

* Expectation of higher demand from China for the upcoming Chinese New Year celebrations, amid easing lockdown restrictions, also supported sentiment. The market is seeing fresh buying, and this is likely to sustain, said an analyst from Kotak Securities.   

* TURMERIC futures on NCDEX rose today because of concerns over falling yield. However, tepid demand from spice makers and stockists limited the gains.

* There are concerns over a fall in yield due to adverse weather conditions in Andhra Pradesh, an analyst said. However, adequate stocks and slack demand in December will keep prices subdued in the near term. 

* The December futures contract of CORIANDER on the domestic bourse hit a six-month low as traders unwound positions, said an analyst. The contract closed at 9,290 rupees per 100 kg, down 0.2%. However, after paring losses, the January contract closed 0.2% higher at 9,224 rupees per 100 kg.  

* However, progress in sowing and higher acreage of coriander are likely to limit the gains. In Gujarat, the largest grower of the spice, coriander was sown across 175,854 ha as of Monday, up 102.9% on year, according to data released by the state government.

* Coriander prices are likely to continue the downtrend during the week due to negligible buying by spice makers, said Kota-based trader Manish Gupta.

Following are the prices of the most active contracts of spices as of 1907 IST:

Following are the expected support and resistance levels for contracts of spices for trade on Thursday:

End

US$1 = 82.42 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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. 2022. All rights reserved.