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India Spices: Coriander down on lack of cues from spot mkt; jeera up

Informist, Tuesday, Nov 2, 2021

 

By Kavita Desai

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

 

* Futures contracts of CORIANDER on the National Commodity and Derivatives Exchange settled lower due to lack of cues from spot markets as they are shut this week for Diwali.

 

* JEERA contracts gained marginally due to likely fall in acreage. Farmers may opt for alternative crops such as isabgol and mustard for lucrative returns, said Pawan Agarwal, a trader in Unjha, Gujarat.

 

* The sowing of jeera for the new season has just started in Gujarat, and will gather pace after Diwali, said Agarwal.

 

* Market participants will keep a close watch on rabi sowing data from Gujarat and Rajasthan, the key producer of jeera and coriander. 

 

TURMERIC contracts closed higher due to a rise in demand from domestic buyers ahead of festivals. However, expectation of higher production in the 2021-22 (Jul-Jun) season and huge carryover stocks capped a major upside, said traders.

 

* The prices of Teja variety of CHILLI in the benchmark market in Guntur, Andhra Pradesh, fell due to sluggish demand from bulk buyers and expectation of a bumper crop in 2021-22 (Jul-Jun) season owing to favourable weather, said Ashok Dattani, an exporter in Mumbai.

 

* The Teja variety was sold at 12,500 rupees per 100 kg, down by 100-200 rupees from Monday. The LCA-334 variety was steady at 10,500-11,300 rupees. The arrivals in Guntur were pegged at 70,000 bags (1 bag = 40 kg), compared with 100,000 bags on Monday.

 

* Prices are expected to decline further going ahead due to supply pressure and ample carry forward stocks, traders said.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander DecNCDEX1008,240(-) 14Jeera DecNCDEX10015,40050Turmeric DecNCDEX1007,57264

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

7,5008,600

Jeera

14,60015,600

Turmeric

6,9007,800

 

 

 

 

 

End

 

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

 

Edited by Michael Correya

 

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.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

 

© Informist Media Pvt. Ltd. 2021. All rights reserved.

Source: Cogencis

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