NCDEX Spices Weekly Report (April 28 to May 2, 2025)

03-May-2025 01:29 PM

NCDEX Spices Weekly Report (April 28 to May 2, 2025)
Jeera (Cumin)
★ Jeera witnessed sharp declines at the beginning of the week followed by a strong recovery.
★ The May contract opened at Rs. 22,325 but dropped to Rs. 21,990 the next day. It later recovered, reaching Rs. 22,340 on April 30 and May 2—slightly above the opening price.
★ The June contract also saw a dip, starting at Rs. 22,560 and falling to Rs. 22,220 on April 29, before recovering and closing the week at Rs. 22,340. This indicates a strong rebound after the earlier decline.
★ The rise was mainly due to short covering after recent drops caused by ample supply and weak export demand. Total arrivals in key mandis increased to 32,900 bags from 28,000 in the previous session, creating supply pressure.
★ Delayed sowing in Gujarat and Rajasthan due to unfavorable weather postponed the new crop’s arrival by about a month. Despite this, overall production is expected to match last year thanks to better crop conditions and sowing coverage.
★ While domestic demand remains weak, export performance is strong. Between April and January 2025, jeera exports rose 66.98% to 182,167.70 tonnes. January exports dropped 5.5% compared to December but were still 37.82% higher year-on-year, indicating strong overseas demand.
★ On the other hand, jeera imports fell sharply by 93.84% to just 1,071.91 tonnes. January imports dropped 80% from December and nearly 87% from January 2024, showing a strong reliance on domestic supply.
★ Technically, the market is in short covering mode, with open interest falling 4.82% to 4,566 contracts. Jeera has support at Rs. 21,670 and may dip to Rs. 21,330. On the upside, resistance is seen at Rs. 22,240; a breakout could push it to Rs. 22,470.

Coriander (Dhaniya)
★ This week, coriander prices saw mild fluctuations.
★ The May contract opened at Rs. 7,424. It rose to Rs. 7,480 on April 29, slightly dipped to Rs. 7,452 on April 30, and closed at the same level on May 2—indicating a slight uptrend over the week.
★ The June contract opened at Rs. 7,484 and showed strong performance, climbing to Rs. 7,570 on April 29. It slightly declined to Rs. 7,556 on April 30 and ended the week at Rs. 7,540 on May 2. Overall, the June coriander futures showed moderate gains.