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India Spices: End down; turmeric slips on rise in new crop arrivals

Informist, Friday, Jan 14, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of spices on domestic exchanges ended lower today. Prices of chilli in the benchmark market in Guntur were unavailable as the market is shut on the occasion of Makar Sankranti. It will resume trade on Monday, said traders.

 

CORIANDER and JEERA futures on the National Commodity and Derivatives Exchange ended lower due to lack of cues from spot markets as they were shut on the occasion of Makar Sankranti, said traders.

 

* Prices of both the commodities are likely to trade higher on account of lower production estimates for the 2021-22 (Jul-Jun) season, led by a sharp fall in acreage. Strong demand from domestic and overseas buyers is also supporting market sentiment.

 

* Jeera output in Gujarat, the top producer, was pegged lower at 236,980 tn in 2021-22, against 399,390 tn a year ago, according to the state farm department’s second advance estimate.

 

* Production of coriander in Gujarat, a key producer, was pegged at 211,680 tn in the ongoing season, down from 221,240 tn a year ago, data showed.

 

TURMERIC contracts on the domestic bourse ended lower due to sluggish demand and ahead of the peak arrivals season, said Amrutlal Kataria, a trader in Nizamabad, Telangana.

 

* Demand from bulk buyers remained weak due to poor quality of the new crop. New crop arrivals in the Nizamabad market are at around 150 bags (1 bag = 65 kg) daily. Arrivals are likely to surge after Makar Sankranti, when daily supply is expected to rise to 2,000 bags.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander AprNCDEX10010,132(-) 88Jeera MarNCDEX10018,120(-) 115Turmeric AprNCDEX10010,264(-) 98

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

9,50010,880

Jeera

17,80018,880

Turmeric

9,80010,600

 

 

 

 

 

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

Source: Cogencis

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