India Spices: Mixed; cardamom tops 4,000 rupees/kg on supply crunch

0
98
Back

India Spices: Mixed; cardamom tops 4,000 rupees/kg on supply crunch

Friday, Jan 3

 

By Kavita Desai

MUMBAI – Futures contracts of spices today closed on a mixed note on domestic exchanges. Cardamom futures on the Multi Commodity Exchange of India today hit the 4% upper circuit and topped the 4,000-rupee a kg level due to a supply crunch and strong from domestic and overseas buyers, said .

Article continues below Advertisement...

 

Mentha futures gave up early gains and ended lower due to profit booking.

 

Coriander contracts on the National Commodity & Derivatives Exchange extended Thursday’s fall and hit 3% lower circuit today due to profit booking after a recent sharp rise, said analysts.

 

However, prices are seen rising on likely damage to the standing crop due to extreme cold weather and sluggish demand, Giriraj Gupta, a local trader, said

 

Jeera futures gained due to short covering after falling for the last three sessions. However, the downward trend in jeera may continue due to subdued buying and higher sowing in Gujarat, local trader Vimal Patel said.

 

Acreage under jeera in the ongoing 2019-20 season (Oct-Sep) in Gujarat, the largest producing state, was at 435,657 ha as of Monday, compared with 337,994 ha a year ago, state farm department data showed.

 

futures declined as traders booked profits after hitting the 2% upper circuit on Thursday. Sufficient supply in the market and forecast of higher crop in the ongoing 2019-20 (Jul-Jun) season also weighed on the prices, said analysts.

 

The January cardamom contract was at a fresh five-month high of 4,130 rupees per kg. In August, the commodity had hit a record high of 4,265.3 rupees.

 

Chilli prices in Guntur, Andhra Pradesh, remained steady today. The LCA-334 variety was sold at 18,000-18,500 rupees per 100 kg, while the teja variety was quoted at 19,000-20,000 rupees.

 

“Chilli prices are seen higher in the coming week due to strong demand from domestic and overseas buyers. Robust shipments to Bangladesh and may push chilli prices higher,” said Dattani.

 

Following are the prices of the most active contracts of spices, at 1700 IST, compared with the levels in the previous session:

 

Contract

Exchange

Unit

(kg)

Price

(rupees)

Change (rupees)

Coriander Jan

100

6,671 (-) 277

Jeera Jan

NCDEX

100

16,140 105

Turmeric Mar

NCDEX

100

6,550 (-) 164

Cardamom Feb

1

4,105 133.7

Mentha oil Jan

MCX

1

1,292 (-) 1.5

* Open interest on MCX, ICEX is in lots.

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

6,556 6,900

Jeera

16,027 16,217

Turmeric

6,443 6,721

Cardamom 

4,078.0 4,131.1

Mentha oil 

1,286.4 1,299.4

 

 

 

 

 

 

 

 

End

 

Edited by Maheswaran Parameswaran

 

Cogencis Tel +91 (22) 6619-0000

Send comments to feedback@cogencis.com

This copy was first published on the Cogencis WorkStation

© Cogencis Information Ltd. 2020. All rights reserved.

Source: Cogencis

LEAVE A REPLY

Please enter your comment!
Please enter your name here