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Agri Picks Report: Geojit

According to Geojit , Spices complex on NCDEX traded in a greener turf on Tuesday. Jeera futures hit fresh record high on fall in production in 2021-22 rabi season.

August 17, 2022 / 08:57 AM IST

Geojit's report on Agri Picks

Spices complex on NCDEX traded in a greener turf on Tuesday. Jeera futures hit fresh record high on fall in production in 2021-22 rabi season. Coriander and turmeric futures were up on short-covering, however gains were limited on tepid demand. Production of spices in India is likely to have declined 1.5% on year to 10.9 mln tn in 2021-22 (Jul-Jun), according to data from Spices Board India. The country had produced 11.0 mln tn of spices in the previous year. Among the complex, a major rise in production was pegged in turmeric. The board has pegged turmeric production at 1.33 mln tn, up 18.4% on year. Jeera production was seen at 725,651 tn, down 8.8% on year due to lower acreage in Rajasthan and Gujarat, the key producer. Production of chilli, counted as one of the largest exported and produced spices in the country, is projected at 1.9 mln tn, compared with 2.0 mln tn a year ago. Production of pepper is seen at 60,000 tn, down 7.7% on year, while the output of small cardamom is seen rising by 3.6% on year to 23,340 tn, data showed. According to fourth advanced estimates by Gujarat government, jeera production is seen fall by 44.5 per cent to 221500 tonnes in 2021-22 on yoy basis, while that of coriander is seen at 208090 tonnes, down by 5.9 per cent during the same time period. Govt. sees spices output in 2021-22 at 10.9 million tonnes vs 10.8 million tonnes. The export of spices from India during 2021-22 declined nearly 13 per cent on year to 1,531,154 ton, according to data from the Spices Board India. In terms of value, exports dipped by about 1.25 per cent to 3,057,644.24 rupees. Export of chilli, turmeric, jeera, coriander, fenugreek declined, while that of pepper, cardamom, ginger and fennel rose. India exported 153,154 ton of turmeric in in FY 2021-22, down 16.70% on year. Coriander exports were down 15.16% on year at 48,658-ton, data showed. The exports of jeera during declined 27.28% on year to 216,996 ton. Export of small cardamom jumped by 63 per cent to 10,572 ton year on, while that of pepper rose 9.5 per cent. JEERA NCDEX SEP While the trend stays positive, dips to 24700-24600 ranges may not be ruled out. DHANIYA NCDEX SEP May trade sideways with a positive bias as long as support at 11500 is held downside. TURMERIC NCDEX SEP 7400 ranges is the immediate resistance and voluminous rise above the same may call for more short covering moves. Else may see sideways to weak trades. TECHNICA

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17082022 - com

first published: Aug 17, 2022 08:57 am
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