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India Spices: Coriander, turmeric down on lukewarm demand

Informist, Friday, Jan 28, 2022

 

By Rahul Dhuri

 

MUMBAI – Futures contracts of most spices on domestic exchanges closed in the red today. Price of chilli remained steady in benchmark market of Guntur, Andhra Pradesh, said market participants.

 

* On the National Commodity and Derivatives Exchange, futures contracts of CORIANDER closed in the red as lukewarm demand in spot markets weighed on sentiment, traders said.

 

* However, spot prices were steady across markets as traders and stockists purchased the commodity as per their requirements ahead of new crop arrivals from the first week of March.

 

* In Ramganj, a key trading centre in Rajasthan, prices of eagle and badami varieties were steady at 9,300 rupees per 100 kg and 9,000 rupees per 100 kg, respectively. Arrivals were higher at 8,000 bags (1 bag = 45 kg) against 7,000 bags on Thursday, said Giriraj Gupta, a local trader.

 

TURMERIC futures on the NCDEX closed lower due to a fall in demand from bulk buyers in spot markets, said traders. 

 

* In Telangana’s Nizamabad market, the bulb variety was sold at 9,000 rupees per 100 kg and finger variety at 9,500-9,700 rupees per 100 kg. Arrivals were pegged at 1,000 bags (1 bag = 65 kg), compared with 800 bags on Thursday, said a local trader Jitendra Nagla. 

 

* Demand for turmeric is expected to pick up once the quality of the arrivals improves, Nagla said. 

 

JEERA futures on NCDEX closed lower as investors booked profits after prices hit an over-three-year high of 19,950 rupees per 100 kg on Thursday. However, strong demand from domestic and overseas buyers amid forecast of lower production cushioned sharp fall in prices, said traders.

* Price of CHILLI remained steady in the benchmark market of Guntur, Andhra Pradesh, as demand from the bulk buyers is expected to surge along with an increase in arrivals, said Ashok Dattani, an exporter in Mumbai.

 

* Today, the new crop of the Teja variety was quoted at 15,500 rupees per 100 kg, while the LCA-334 variety from cold storages was at 16,000 rupees. 

 

Following are the prices of the most-active contracts of spices as of 1844 IST:

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander AprNCDEX10010,182(-) 106Jeera MarNCDEX10019,415(-) 35Turmeric AprNCDEX10010,130(-) 130

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

10,10010,350

Jeera

19,25019,530

Turmeric

10,00010,275

 

 

 

 

 

End

 

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

 

Edited by Deepshikha Bhardwaj

 

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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Source: Cogencis

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