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Commodity Weekly Insights Spices Round Up - Geojit Financial Services Ltd
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Spices on NCDEX took a breather from the recent declines and were seen inching higher in the week gone by. Jeera futures firmed up supported by ri se in export and domestic demand.Concerns over delay and lag in sowing in the major jeera growing states of Gujarat and Rajathan lend support as well. Turmeric futures bouced up on rise in local demand. Expectation of rise in export demand, concerns over output lend support as well. In the meantime, rise in exports and lag in sowing activities lifted coriander futures. According to the Gujarat State Agriculture Department, as of 11 Nov 2024, area under jeera stood at 1174 ha compared to 7615 ha sown du ring the same period last year, while coriander was sown over 382 ha compared to 4599 ha during the same period last year. India's spice exports fell 0.2% on-year to 663301.25 tonnes in Apr-Aug 2024, according to the data from the Spices Board of India. However, in dollar terms, the exports were up 5% on year at $1869.42 million. In rupee terms, exports were up 6% to INR 1561808.04 million, the data showed. Garlic, coriander, other seeds, and turmeric saw a notable fall in terms of quantity. Exports of garlic declined 68% on year to 16879.34 tonnes, while coriander fell 62% to 25194.82 tonnes. Turmeric exports fell 6% on year to 77584.71 tonnes. Chilli exports declined 2% to 222412.15 tonnes. On the other hand, fennel exports were up a whopping 121% on year at 46244.82 tonnes. Ginger exports rose 71% on year to 14322.06 tonnes, while tamarind exports rose 65% to 15858.49 tonnes. Exports of jeera also rose 60% on year at 111531.65 tonnes. Exports of small cardamom rose by 38% to 2366.98 tonnes, while pepper rose 31% to 8758.39 tonnes, according to the data.
Coriander
TECHNICAL OUTLOOK- DEC FUT-NCDEX
7800 is seen as the key resistance upside and a voluminous rise above the same may strengthen upward momentum. As long as this range caps, may trade sideways with a weak bias.
JEERA
TECHNICAL OUTLOOK- DEC FUT-NCDEX
May stretch gains as long as support at 24500 is held downside.
TURMERIC
TECHNICAL OUTLOOK- DEC FUT-NCDEX???????
May stretch gains. A direct fall below 12900 could intensify weakness.
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