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India Spices:Most down; turmeric slips on higher crop view in 2021-22

Informist, Wednesday, Oct 6, 2021

 

By Kavita Desai

 

MUMBAI – Futures contracts of spices, barring jeera, ended lower today on the domestic exchanges. Prices of the Teja variety of chilli in Andhra Pradesh’s Guntur market declined due to sluggish demand, said market participants.

 

TURMERIC futures on the National Commodity and Derivatives Exchange ended down due to higher production estimate for the 2021-22 (Jul-Jun) season and huge carryover stocks, said Amrutlal Kataria, a trader in Nizamabad.

 

* Sluggish demand due to lack of quality spice in the market, also weighed on prices. Today, the benchmark Nizamabad market was shut on account of Amavasya, Kataria said.

 

CORIANDER futures closed lower tracking weak cues from the spot market amid lack of strong demand from bulk buyers.

 

* In Kota, a key trading centre, the Badami variety was sold at 7,700 rupees per 100 kg and the eagle variety at 8,000 rupees, both steady from Tuesday. Arrivals in Ramganj were pegged at 6,000 bags (1 bag = 45 kg), compared with 7,000 bags on previous day.

 

JEERA futures gained due to lower arrivals in spot market. In Unjha, the benchmark market, around 8,000 bags (1 bag = 55 kg) were brought for auction, compared with 10,000 bags on Tuesday. 

 

* Prices of the Teja variety of CHILLI in Guntur, the benchmark market, fell today due to sluggish demand amid slow domestic and overseas trade, said Ashok Dattani, a Mumbai-based exporter.

 

* Demand from Bangladesh, a major export destination, slowed due to closure of the Indo-Bangladesh border ahead of the Durga Puja festival. Local buying also declined due to lack of quality spice, Dattani added.

 

* In Guntur, the Teja variety was sold at 13,000-14,200 rupees per 100 kg, down 100 rupees from Tuesday. The LCA-334 variety was steady at 9,000-11,300 rupees. Arrivals in Guntur were pegged at 80,000 bags (1 bag = 40 kg), compared with 100,000 bags the previous day.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander NovNCDEX1008,060(-) 10Jeera NovNCDEX10014,55030Turmeric NovNCDEX1007,298(-) 72

 

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

 

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 Rajendra Masur 

 

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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