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India Spices: Most down; coriander hits 3-week high on firm demand

Informist, Friday, Oct 22, 2021

 

By Kavita Desai

MUMBAI – Futures contracts of spices, barring coriander, ended lower on domestic exchanges today.

 

* Futures contracts of CORIANDER on the National Commodity and Derivatives Exchange hit a three-week high of 8,210 rupees per 100 kg today, due to lower arrivals in the spot market and improved demand from domestic buyers ahead of festivals, said Satyanarayan Gupta, a trader in Kota.

 

* In Kota, a key trading centre, the Badami variety was sold at 7,900 rupees per 100 kg and the eagle variety at 8,200 rupees, both up by 100 rupees from Thursday. Arrivals in Kota, Baran and Ramganj markets were pegged at 7,800 bags (1 bag = 45 kg), compared with 10,000 bags on Thursday. 

 

* TURMERIC contracts ended lower due to a higher production estimate for the 2021-22 (Jul-Jun) season and huge carryover stocks, said Vikas Nagla, a trader in Nizamabad.

 

* JEERA futures declined due to higher arrivals and as investors booked profits, after prices hit an over one-week high of 14,770 rupees per 100 kg earlier today.

 

* In Unjha, the benchmark market, arrivals were pegged at 11,000 bags (1 bag = 55 kg), compared with 10,000 bags on Thursday. Exchange-quality jeera was steady at 14,700 rupees per 100 kg. 

 

* “Clear weather and comparatively higher prices have increased arrivals in the physical market but sufficient stocks with traders and farmers are keeping prices under control,” SMC Global Securities said in a report.

 

* CHILLI prices in the benchmark market of Guntur, Andhra Pradesh, fell today as bulk purchases for Diwali have already been made and demand is tepid now, said Satish Degala, a local trader.

 

* The Teja variety was sold at 14,000 rupees per 100 kg and the LCA-334 variety at 11,000 rupees, both down 300 rupees from Thursday. Arrivals in Guntur were pegged at 80,000 bags (1 bag = 40 kg), down 20,000 bags from 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 NovNCDEX1008,170106Jeera NovNCDEX10014,650(-) 65Turmeric NovNCDEX1007,150(-) 58

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

7,5008,600

Jeera

14,30015,200

Turmeric

6,8007,600

 

 

 

 

 

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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