Most spice futures recover, coriander falls

NEW DELHI: Spices, led by jeera and turmeric, rose in futures trading today largely on short-covering by speculators, driven by rains in major growing regions that may hurt the crop.

On the National Commodity and Derivatives Exchange, Jeera remained in the positive zone despite low overseas demand and its January contract went up by Rs 5, or 0.05 per cent, to Rs 10,675 per quintal. The contract clocked turnover of 156 tonnes.

February contract, in restricted activity, gained Rs 2, or 0.01 per cent, at Rs 10,399 per quintal trading 33 tonnes.
At Unjha in Gujarat, jeera in spot trading quoted higher at Rs 10,725 per quintal. The demat stocks of jeera at NCDEX-monitored warehouses stood lower at 42 tonnes as on December 6.

Turmeric's December contract gained Rs 40, or 1.1 per cent, at Rs 3,721 per quintal with business turnover of 170 lots, while April contract traded Rs 35, or one per cent higher, at Rs 3478 per quintal in a business turnover of 2,390 tonnes.

At Nizamabad in Andhra Pradesh, turmeric in spot trading was down at Rs 3,880.80 per quintal. Meanwhile, the demat stocks of turmeric at exchange warehouses stood at 407 tonnes.

Trading sentiment was better largely on back of reports of rains in major growing regions, which might hurt jeera's crop and low stocks at warehouses.

Lower inventories at warehouses, weak sowing and paucity of good produce in the spot were major factors behind rise in the spice futures pack," said analyst Devesh Kumar.