Informist, Tuesday, Sep 5, 2023
By Afra Abubacker
MUMBAI – The spices complex traded lower today on the National Commodity and Derivatives Exchange due to tepid demand. Jeera futures fell as market participants booked profits.
The most-active September contract of JEERA was at 59,500 rupees per 100 kg, down 2% from the previous close. Earlier in the day, the contract hit a two-week high of 61,110 rupees.
Jeera futures ended down as market participants booked profits. Sluggish export demand amid increased global supply from Syria, Turkey, and Iran also weighed on prices. However, tight supply in the domestic market due to lower production is likely to limit further losses.
Prices in the key wholesale market of Unjha, Gujarat, were down 300 rupees at 60,300-60,500 rupees, said traders.
The most-active October contract of TURMERIC was at 14,966 rupees per 100 kg, down 1.5% from the previous close.
Tepid demand because of inferior quality supplies weighed on turmeric futures. Forecast of good rainfall in September over central and southern parts also weighed on sentiment.
Further, the imposition of 2.5% additional margin by NCDEX on all running contracts till Sep 22 also limited the upside. However, concerns over lower production due to a fall in acreage are likely to limit the downside.
Prices in the key wholesale market of Nizamabad in Telangana were down 300 rupees at 13,500 rupees per 100 kg, said traders.
The most-active September contract of CORIANDER was at 7,070 rupees per 100 kg, down 0.7% from the previous close. Coriander futures fell slightly due to subdued demand. Higher inventories in the domestic market due to rise in production also weighed on coriander prices.
In the key wholesale market of Kota, Rajasthan, prices were down by 50 rupees at 7,350-7,450 rupees per 100 kg, 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 | 7,070 | (-)48 |
Jeera Sep | NCDEX | 100 | 59,500 | (-)1,120 |
Turmeric Oct | NCDEX | 100 | 14,966 | (-)222 |
End
Edited by Ashish Shirke
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