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India Spices:Most dn; Guntur chilli slips on weak buys, higher supply

Informist, Monday, Oct 4, 2021

 

By Kavita Desai

 

MUMBAI – Futures contracts of turmeric and jeera on domestic exchanges ended lower today on the back of tepid demand, said market participants.

 

* JEERA futures on the National Commodity and Derivatives Exchange closed lower tracking spot market prices amid arrival pressure in Unjha and weak demand, said Vimal Patel, a trader.

 

* In Unjha, the benchmark market, around 25,000 bags (1 bag = 55 kg) were brought for auction, compared with 14,000 bags on Friday. Of the total arrivals, around 18,000 bags were from farmers. Jeera was sold at 14,100-14,200 rupees per 100 kg in Unjha, down 100 rupees from Friday. The market was shut on Saturday on account of Gandhi Jayanti.

 

TURMERIC futures ended in red as production in the 2021-22 (Jul-Jun) season is likely to be higher due to favourable weather conditions in the key growing regions of Telangana.

 

* Huge carryover stocks and lack of bulk demand due to lower availability of premium quality spice in the market also weighed on prices, said Vikas Nagla, a local trader. 

 

CORIANDER futures ended slightly higher due to fresh buying, said analysts.

 

* However, prices in spot market were down due to lack of strong demand. In Kota, the key trading centre, the badami variety was sold at 7,600 rupees per 100 kg and the eagle variety at 8,000 rupees, both down by 50 rupees from previous day. Arrivals in Kota, Baran and Ramganj combined were steady at 7,000 bags (1 bag = 45 kg). 

 

* Demand from bulk buyers is expected to pick up pace ahead of the festival season and after the monsoon, said Satyanarayan

Gupta, a trader in Kota.

 

* Prices of CHILLI in Guntur, the benchmark market, fell today as domestic and overseas trade slowed due to closure of the

Indo-Bangladesh border ahead of the Durga Puja festival, said local trader Hariom Maheshwari.

 

* In Guntur, the Teja variety was sold at 11,000-14,000 rupees per 100 kg, while the LCA-334 variety was at 9,000-11,000 rupees, both down by 200 rupees from Friday. A sharp rise in arrivals also weighed on prices. Today, arrivals in Guntur were pegged at 100,000 bags (1 bag = 40 kg), compared with 40,000 bags on Friday.

 

* Demand is expected to remain subdued until Oct 15 due to the Durga Puja festival, said Maheshwari.

 

Following are the prices of the most-active contracts of spices at 1700 IST:

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander NovNCDEX1008,01450Jeera NovNCDEX10014,440(-) 180Turmeric NovNCDEX1007,364(-) 24

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

7,5008,500

Jeera

14,00014,900

Turmeric

7,0007,700

 

 

 

 

 

End

 

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

 

Edited by Pranav S. Joshi

 

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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