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India Spices: Turmeric down on higher crop view; Guntur chilli steady

Informist, Monday, Oct 11, 2021

 

By Kavita Desai

 

MUMBAI – Futures contracts of spices, barring jeera, ended lower on domestic exchanges today. Chilli prices in Andhra Pradesh’s Guntur remained steady, said market participants.

 

JEERA contracts on the National Commodity and Derivatives Exchange closed higher as demand is expected to pick up after Diwali. Sowing for the new season will start after Diwali in Gujarat and Rajasthan, said Mahesh Yadav, a trader in Unjha. 

 

* Pressure of arrivals in the market, however, capped the upside. In Unjha, the benchmark market, 12,000-13,000 bags (1 bag = 55 kg) were brought for auction, almost steady from Saturday. 

 

CORIANDER futures closed lower, tracking weak cues from the spot market amid lack of strong demand from bulk buyers, said Satyanarayan Gupta, a trader in Kota.

 

* The most active November TURMERIC contract ended lower due to a higher production estimate for the 2021-22 (Jul-Jun) season and huge carryover, said traders.

 

* In Tamil Nadu’s Erode, the bulb variety was sold at 6,500 rupees per 100 kg, and the finger variety at 7,000 rupees, both steady from Friday. Arrivals were pegged at 2,000 bags (1 bag = 65 kg), compared with 4,000 bags the previous day, said Ravishankar Vishwanath, an Erode-based trader.

 

* The benchmark Nizamabad market for turmeric in Telangana was shut today; the market will resume trade on Tuesday.

 

* CHILLI prices remained steady today in the benchmark market of Guntur, Andhra Pradesh, as arrivals were sufficient to meet demand, traders said.

 

* A slight improvement in demand is expected from Bangladesh ahead of market closure this week. The Guntur market will remain shut from Wednesday on account of Navratri and Dussehra, said Satish Degala, a Guntur-based trader.

 

* In Guntur, the Teja variety was sold at 14,200-14,300 rupees per 100 kg, while the LCA-334 variety was sold at 11,000 rupees. Arrivals were pegged at 70,000 bags (1 bag = 40 kg), compared with 40,000 bags on Friday.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander NovNCDEX1008,064(-) 44Jeera NovNCDEX10014,59075Turmeric NovNCDEX1007,344(-) 16

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

7,7008,600

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 Avishek Dutta

 

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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