India Spices: Most up; jeera hits 11-mo low on likely higher output

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India Spices: Most up; jeera hits 11-mo low on likely higher output

Friday, Jan 17

 

By Rahul Dhuri

 

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MUMBAI – Futures contracts of most spices, barring coriander and jeera, ended higher on domestic exchanges today. 

Today, the March contract of jeera hit an 11-month low of 15,000 rupees per 100 kg on National Commodity and Derivatives Exchange because of prospects of higher crop compared to last year, said Rajendra Mittal, an Unjha-based trader. “Sharp increase in acreage in Gujarat and Rajasthan and favourable weather across the growing regions may lead to a rise in yield,” said Mittal.

 

Coriander futures on NCDEX ended in the red due to a rise in arrivals of the spice in Ramganj, a key in Rajasthan. Arrivals were pegged at 2,000 bags (1 bag = 40 kg), against 1,500 bags on Thursday. However, overall for coriander remains bullish due to a likely decline in acreage under the spice in key growing states of Rajasthan and Madhya Pradesh, analysts said.  

 

Contracts of turmeric on the NCDEX ended higher due to concerns over crop damage in Maharashtra following the recent showers, analysts said. However, the for turmeric remains weak as arrivals of the fresh crop have started in key spot of Nizamabad, and are likely to gain momentum in the coming weeks.

 

oil futures on the Multi Commodity Exchange of India ended in the green due to seasonal demand from domestic stockists and spice makers. During winters, demand for the spice oil rises by 30-35%, Sambhal-based trader Ibadur Rehman said.

 

Cardamom futures ended higher due to lower arrivals, said.

 

of chilli fell today in Guntur, the benchmark market, because arrivals of the new crop rose as the spot market opened after three days. Markets were shut Tue-Thu on account of Makar Sankranti, a local trader said. 

 

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 Apr

NCDEX

100

6,942 (-)133

Jeera Mar

NCDEX

100

15,085 (-)20

Turmeric Mar

NCDEX

100

6,418 42

Cardamom Feb

MCX

1

4,101.4 157.7

Mentha oil Jan

MCX

1

1,264 1.2

* on MCX, ICEX is in lots.

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

6,900 7,120

Jeera

14,950 15,200

Turmeric

6,390 6,550

Cardamom 

3,950 4,150

Mentha oil 

1,245 1,299

 

 

 

 

 

 

 

End

 

Edited by Aditya Sakorkar

 

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