India Spices: Jeera dn on profit booking post 2-yr high; chilli flat

Informist, Tuesday, Nov 16, 2021

By Kavita Desai

MUMBAI – Futures contracts of spices, barring coriander, ended lower on domestic exchanges today. Chilli prices were steady in the spot market of Guntur, Andhra Pradesh, said market participants.

* JEERA futures ended lower on the National Commodity and Derivatives Exchange today due to profit booking after a recent surge in prices. The most active December contract had hit a two-year high of 16,420 rupees per 100 kg on Monday.

* In Unjha, the benchmark market, arrivals of jeera were pegged at 20,000 bags (1 bag = 55 kg), compared with 15,000 bags on Monday. Exchange-quality jeera in Unjha was sold at 15,800 per 100 kg, steady from previous day.

* Futures contracts of CORIANDER ended higher because of improved demand from domestic bulk buyers, said Satyanarayan Gupta, a trader in Kota.

* TURMERIC contracts closed lower due to lack of strong export demand.

* “The downtrend looks limited as production of turmeric may be lower than expected earlier due to lower area in Telengana and unseasonal rains,” said SMC Global Securities in a report.

* Prices of CHILLI in Guntur were steady for the second straight day. The Teja variety was sold at 13,100 rupees per 100 kg, and the LCA-334 variety was sold at 11,000 rupees. Arrivals were also steady at 70,000 bags (1 bag = 40 kg).

* Demand from Bangladesh and China has picked up which may support chilli prices in the near term. However, a likely bumper crop and ample carryover stocks may limit the rise, said market participants. 

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

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander DecNCDEX1008,57414Jeera DecNCDEX10016,130(-) 135Turmeric DecNCDEX1007,498(-) 34

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

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

8,3008,700

Jeera

15,90016,600

Turmeric

7,2007,800

End

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

Edited by Aditya Sakorkar

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