Informist, Thursday, Sep 23, 2021
By Kavita Desai
MUMBAI – Futures contracts of turmeric and coriander on domestic exchanges ended lower. Chilli prices at Guntur in Andhra Pradesh rose for the second straight day on a pick-up in export demand, market participants said.
* TURMERIC futures on the National Commodity and Derivatives Exchange closed over 2% lower due to weak demand, and prospects of a better crop in the 2021-22 (Jul-Jun) season on the back of favourable weather.
* Exports have been lower because farmers are offloading their old stock. Prices are likely to trade within a range of 7,000-7,430 per 100 kg for the next few days, said Ritesh Sahu, a senior analyst at SMC Global Securities Ltd.
* In Telangana’s Nizamabad market, the bulb variety was sold at 6,500-6,600 rupees per 100 kg, and the finger variety at 6,800-6,900 rupees, both steady from Wednesday. Arrivals were pegged at 2,200 bags (1 bag = 65 kg), compared with 2,500 bags on the previous day. Most of the arrivals were of poor quality, said Vikas Nagla, a Nizamabad-based trader.
* The most-active October contract of JEERA closed a tad higher due to short covering, said analysts.
* Lack of strong demand and hope of a favourable season ahead after the recent spell of rainfall in Gujarat and Rajasthan had led to the fall in prices earlier. “Bulk buyers are avoiding major purchases, demand is expected to gain pace after Diwali,” said Vimal Patel, a trader based in Unjha.
* Rainfall in jeera-growing regions could be beneficial for sowing in the upcoming rabi season, Patel said. Gujarat is the top producer of jeera, followed by Rajasthan.
* CORIANDER futures closed lower, tracking subdued cues from the spot market amid steady demand from bulk buyers. Currently, demand is normal and good rainfall in Gujarat and Rajasthan is expected help the rabi crop in the upcoming season, which weighed on prices, said traders.
* CHILLI prices at Guntur, the benchmark market, rose for the second straight day on the back of improving demand from overseas buyers. There are good enquiries from Bangladesh and China, said Satish Degala, a Guntur-based trader.
* The Teja variety of chilli in Guntur was sold at 14,500 rupees per 100 kg and the LCA-334 variety at 11,200 rupees, both up by 200 rupees from Wednesday. Today, arrivals in Guntur were pegged at 80,000 bags (1 bag = 40 kg), compared with 75,000 bags on the previous day.
* Following are the prices of the most-active contracts of spices at 1700 IST:
* Following are the expected support and resistance levels for contracts of spices for trade for Friday:
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Mainak Moitra
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