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Cardamom hits 4% upper limit, jeera up on export demand

Cardamom hits 4% upper limit, jeera up on export demand

Thursday, May 16 2019


 Futures contracts of all spices ended higher on domestic exchanges today.On the Multi Commodity Exchange of India, futures contract of cardamom hit the 4% maximum higher circuit as a prolonged dry spell over the past month has damaged 40% of plantations in key growing areas of Kerala, traders said.


Also, incessant rains, strong winds, landslides, and water stagnation have had a devastating effect on the sensitive crop and the damaged plantations are beyond recovery, traders said. The Spices Board has initiated efforts for re-plantation in the damaged areas, said Saseendra Babu, managing director of Vandanmedu Green Gold Cardamom Producer Co.Futures contract of mentha oil ended higher due to rising demand for the new crop in spot markets of Uttar Pradesh, traders said. The new crops has started to arrive in the key wholesale market of Barabanki in Uttar Pradesh, though in smaller quantities.


 Arrivals of the spice oil in the wholesale market were pegged at just two drums of 180 kg each, said Sachin Jain of Barabanki-based Shree Parshwa Traders.However, the gains are unlikely to sustain as expectation of higher production may weigh on prices.Coriander futures on the National Commodity & Derivatives Exchange settled higher because of lower supply in the key spot markets of Rajasthan and rise in demand from domestic buyers, traders said."Ideally, spot markets in Rajasthan should receive around 30,000-35,000 bags (1 bag = 40 kg) in this period. But due to lower crop this year, only 7,000-8,000 bags are seen," said trader Shiv Kumar.


Turmeric futures also ended higher for the fourth consecutive session, tracking trend in Sangli, a key market in Maharashtra, due to rise in demand. Private weather forecaster Skymet has projected poor monsoon rains in pockets of Marathwada and Vidharbha in Maharashtra, key turmeric-producing areas, which was also positive for the prices.In Sangli, the Rajapuri Salem variety was sold at 7,000-7,200 rupees, up 200 rupees from Wednesday, said Mukesh Patel, a local trader.Futures contract of jeera settled up on robust buying, traders said.


Exports of jeera in February were up 4.6% on year at 10,186 tn and shipments in Apr-Feb were 23.2% higher at 1.57 mln tn, according to the Directorate General of Commercial Intelligence and Statistics.Following are the closing prices of the most-active contracts of spices on NCDEX, compared with the previous session's levels. Cardamom and mentha oil are traded on MCX.


Source: http://www.cogencis.com/