Informist, Thursday, Aug 17, 2023
By Afra Abubacker
MUMBAI – Turmeric futures fell today on the National Commodity and Derivatives Exchange as market participants booked profits, while coriander and jeera contracts inched up due to bargain-buying.
The most-active October contract of TURMERIC was at 15,722 rupees per 100 kg, down 2% from the previous close. Prices in key wholesale markets of Nizamabad in Telangana were down 200 rupees from Monday at 13,800-14,100 rupees per 100 kg, said traders. The market was shut Wednesday on account of Amavasya.
Turmeric prices fell today as market participants booked profits. Increased arrivals from stockists and farmers who anticipated a further fall in prices also weighed on the spice. "Profit booking in turmeric is likely to continue and pull prices further down," said SMC Global Securities.
"Any slippage past 15,700 rupees may intensify weakness," said Geojit Financial Services. However, concerns over lower production in the backdrop of lower acreage are likely to cushion prices.
The most-active September contract of CORIANDER was at 7,270 rupees per 100 kg, up 0.4% from the previous close. Earlier today, the contract hit a three-week low of 7,156 rupees.
Coriander futures gained today due to bargain-buying. Increased export demand for Indian coriander in the wake of declining supply from Russia and Ukraine also supported prices. Prices in the key wholesale market of Kota, Rajasthan, were up by 50 rupees at 7,650 rupees per 100 kg, said traders.
The most-active September contract of JEERA was at 59,160 rupees per 100 kg, up 1% from the previous close. Earlier in the day, the contract hit over a four-week low of 57,310 rupees.
Jeera futures rose today due to bargain-buying. Since August, jeera prices have dropped more than 1,000 rupees due to subdued export demand amid an improving global supply scenario. Supply from Syria and Turkey picks up in Aug-Sep with the commencement of new crop arrivals, said traders.
Prices in the key wholesale market of Unjha, Gujarat, were down by 300 rupees at 60,300-60,600 rupees per 100 kg, said traders. Subdued export demand and increased arrivals weighed on spot prices, said traders.
However, tight supplies in the domestic pipeline owing to lower production are likely to cap further losses, said traders.
Following are today's closing prices of the most-active contracts of spices:
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
|---|---|---|---|---|
Coriander Sep | NCDEX | 100 | 7,270 | 30 |
Jeera Sep | NCDEX | 100 | 59,160 | 570 |
Turmeric Oct | NCDEX | 100 | 15,722 | (-)282 |
End
Edited by Tanima Banerjee
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