Informist, Friday, Nov 3, 2023
By Romeo M. Raj and Afra Abubacker
MUMBAI – Turmeric and coriander futures traded higher today on the National Commodity and Derivatives Exchange on firm demand. Jeera futures fell for the fifth straight session today due to expectations of higher acreage in the ongoing sowing season.
The most active November contract of JEERA was at 39,850 rupees per 100 kg, down 1.6% from the previous close. Earlier in the day, the contract hit a new six-month low of 38,895 rupees.
Jeera acreage is expected to increase due to lucrative prices and favourable weather conditions. Further, jeera futures remained under pressure due to sluggish demand, said SMC securities in a report.
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, were up 1,000-1,600 rupees at 41,300-43,600 rupees per 100 kg, said local trader Anuj Mittal.
Spot prices rose tracking futures prices. "Jeera futures rose (intra-day) as traders covered their short positions. Jeera futures may rise to 54,000 rupees, if only jeera prices sustain 42,500-45,000 ranges for say 10 days," said local trader Anuj Mittal.
The most-active December contract of TURMERIC was at 13,840 rupees per 100 kg, up 1.6% from the previous close.
Turmeric futures rose due to firm domestic demand. Bleak production prospects for the upcoming season and shrinking supplies in the market are supporting turmeric futures, said SMC securities in a report.
Prices will face resistance near 14,700 rupees and support is seen at 12,800 rupees for the next week, Pandey of SMC said.
Spot prices in the key wholesale market of Nizamabad in Telangana were largely steady at 13,200-13,800 rupees per 100 kg, said local traders.
The most active November contract of CORIANDER was at 7,496 rupees per 100 kg, up 1.2% from the previous close. Firm export demand and concerns over lower production are supporting coriander prices. Coriander sowing started with a delay and has not yet picked up, said Satya Narayan Gupta, a Kota-based trader.
"Coriander prices extended their gains further on increased demand at physical market. Sustained export helped prices to move up further," said SMC.
Coriander prices will face resistance near 7,900 rupees and support is seen at 6,900 rupees for the next week, Pandey of SMC said.
Spot prices in the key wholesale market of Kota in Rajasthan, were largely steady at 7,300-7,500 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 | 7,496 | 88 |
Jeera Nov | NCDEX | 100 | 39,850 | (-)665 |
Turmeric Dec | NCDEX | 100 | 13,840 | 220 |
End
Edited by Maheswaran Parameswaran
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