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India Spices: Most up; chilli slips on tepid demand, higher acreage

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:

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander OctNCDEX1008,116126Jeera OctNCDEX10014,660120Turmeric OctNCDEX1007,452232

 

* Following are the expected support and resistance levels for contracts of spices for trade for Wednesday:

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

7,5008,500

Jeera

14,10015,000

Turmeric

7,0007,800

 

 

 

 

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Snigdha Kuttikat

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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Send comments to [email protected]

 

© Informist Media Pvt. Ltd. 2021. All rights reserved.

Source: Cogencis

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