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India Spices: Jeera, turmeric gains on firm demand; coriander down

Informist, Wednesday, Nov 3, 2021

 

By Kavita Desai

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

 

JEERA contracts on the National Commodity and Derivatives Exchange gained on the back of firm demand from bulk buyers and on reports of a fall in acreage this season, said Pawan Agarwal, a trader in Unjha, Gujarat.

 

* Farmers in Gujarat may opt for alternative crops such as isabgol and mustard for lucrative returns, said Agarwal. The benchmark Unjha market for jeera will resume trade from Tuesday.

 

* Futures contracts of CORIANDER settled lower due to lack of cues from spot markets as the key trading centres Kota, Baran and Ramganj are shut due to Diwali. They will resume trade from Tuesday. 

 

* 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 likely rise in demand from the domestic and overseas market, said Vikas Nagla, a trader in Nizamabad. However, huge carryover stock estimate and better crop prospects may cap any major upside, Nagla said.

 

* For further cues, market participants are now waiting for production estimates for the ongoing 2021-22 (Jul-Jun) season, which is likely after mid-November. The benchmark Nizamabad market is shut since Tuesday and will resume trade from Monday.

 

* Prices of CHILLI in the benchmark market in Guntur, Andhra Pradesh, remained steady today after a recent fall in prices, said Satish Degala, a local trader.

 

* The Teja variety was sold at 12,500 rupees per 100 kg, while the LCA-334 variety was at 10,500 rupees. Arrivals in Guntur were pegged at 50,000 bags (1 bag = 40 kg), compared with 70,000 bags on Tuesday. The Guntur market will remain shut on Thursday for Diwali, and resume trade 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 NovNCDEX1007,960(-) 150Jeera DecNCDEX10015,545175Turmeric DecNCDEX1007,730172

 

* 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

15,00015,800

Turmeric

7,2008,000

 

 

 

 

 

End

 

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

 

Edited by Snigdha Kuttikat

 

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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