India Spices: Coriander up 1% on short covering; mentha oil down

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Spices: Coriander up 1% on short covering; mentha down

Thursday, Dec 5

 

By Kavita Desai

 

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MUMBAI – Futures contracts of spices closed on a mixed note on domestic exchanges today. 

 

Coriander futures on the National & Derivatives Exchange closed over 1% higher due to short covering after hit a two-month low of 6,384 rupees per 100 kg on Wednesday, said analysts.

 

However, the remains bleak due to weak demand and as sowing of the rabi spice gathered pace in key growing regions of Rajasthan and Gujarat, said Ramganj-based trader Giriraj Gupta.

 

For , the most-active January contract closed marginally lower due to rise in arrivals in spot markets. In Gujarat’s Unjha, the , arrivals were 5,000 bags (1 bag = 55 kg) higher at 20,000 bags today.

 

Jeera markets in Unjha will be shut during Dec 16-23 because of a local festival, said local trader Vijay Joshi.

 

Turmeric futures gained today due to fresh buying. However, lack of strong demand in the , and expectation of a bigger crop capped the upside, analysts said.

 

For mentha oil, the December contract on the Multi Commodity Exchange of India closed lower due to tepid demand from consuming industries and a rise in stocks. Mentha oil stock at MCX-accredited warehouses was at 164.26 tn as of Wednesday, up 15.13 tn from the previous day, bourse data showed.

 

Cardamom futures on MCX ended higher due to higher demand today.

 

Pepper prices in spot markets of Kerala remained steady, said traders. Spot prices of black pepper in Kerala are expected to trade lower in the coming week ahead of the new crop harvest, said Rajiv Palicha, director of Kochi-based Nedspice Processing India Pvt Ltd. 

 

Today, the garbled variety was sold at 360 rupees per kg, while the un-garbled variety was sold at 340 rupees, both steady from the previous close, he said.

 

Chilli prices in Guntur, Andhra Pradesh, the benchmark market, remained steady today. The teja variety was sold at 17,500-18,600 rupees per 100 kg in the spot market, and the LCA-334 variety at 13,500-14,700 rupees, both unchanged from Wednesday.

 

Prices may, however, witness some correction after December with arrivals picking up in key producing states.

 

Following are the closing prices of the most-active contracts of spices compared with the levels in the previous session:

 

Contract

Exchange

Unit

(kg)

Price

(rupees)

Change (rupees)

Coriander Jan

NCDEX

100

6,620 101

Jeera Jan

NCDEX

100

15,785 (-) 25

Turmeric Mar

NCDEX

100

5,892 12

Cardamom Jan

MCX

1

2,950 109.7

Mentha oil Dec

MCX

1

1,296.8 (-) 1.2

 

* on MCX, ICEX are in lots.

 

Following are the expected support and resistance levels for contracts of spices for trade on Friday:

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

6,377 6,665

Jeera

15,688 15,973

Turmeric

5,839 5,983

Cardamom 

2,790 3,000

Mentha oil 

1,280.2 1,304.4

 

 

 

 

 

 

 

 

 

End

 

Edited by Subham Mitra

 

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This copy was first published on the Cogencis WorkStation

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Source: Cogencis

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