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:
* Following are the expected support and resistance levels for contracts of spices for trade on Thursday:
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajendra Masur
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