Informist, Tuesday, Sep 28, 2021
By Kavita Desai
MUMBAI – Futures contracts of turmeric, jeera and coriander on domestic exchanges ended higher today. Chilli prices in Andhra Pradesh’s Guntur market fell due to tepid demand, said market participants.
* TURMERIC futures on the National Commodity and Derivatives Exchange closed over 3% higher as demand from bulk buyers is expected to gain pace ahead of the festival season.
* Some support has also been observed for turmeric due to Cyclone Gulab, as excess rain in the key growing states may lead to concerns over crop damage, said Ajay Kedia, head of research at Kedia Capital Services.
* JEERA futures closed higher tracking gains in the spot market, where a fall in arrivals owing to continuous rainfall supported prices. The most active October contract hit a four-week high of 14,790 rupees per 100 kg earlier today.
* In Unjha, the benchmark market, around 8,000 bags (1 bag = 55 kg) were brought for auction, compared with 10,000 bags on Monday. Exchange-quality jeera was sold at 14,400 rupees per 100 kg, up 100 rupees from the previous day, said Vimal Patel, a trader based in Unjha.
* CORIANDER futures also gained over 1% due to steady demand from bulk buyers in the spot market, said Satyanarayan Gupta, a trader in Kota.
* CHILLI prices in the benchmark Guntur market fell due to a slowdown in demand from domestic and overseas buyers and higher acreage under the spice in the state, said Satish Degala, a local trader.
* The Teja variety chilli in Guntur was sold at 14,200 rupees per 100 kg and the LCA-334 variety at 10,800 rupees, both down by 200 rupees from Friday. Today, arrivals in Guntur were pegged at 80,000 bags (1 bag = 40 kg), compared with 40,000 bags on Friday. On Monday, the market was shut due to a nationwide ‘bandh’ in protest against farm laws passed by the government last year.
* Chilli acreage in Andhra Pradesh, the largest producer, was at 119,353 ha as on Thursday for the 2021-22 (Jul-Jun) season, compared with 103,534 ha in the corresponding period last year, data from the state farm department showed.
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 Wednesday:
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Snigdha Kuttikat
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