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Monday, September 26, 2022

India Spices:Down; turmeric falls tracking Erode mkt, higher arrivals

Informist, Wednesday, Apr 13, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of all spices closed lower on domestic exchanges today, while prices of chilli in the benchmark market of Guntur, Andhra Pradesh, remained steady, market participants said.

 

TURMERIC futures on the National Commodity and Derivatives Exchange ended down nearly 3% on cues from Tamil Nadu’s Erode market, where tepid demand and higher arrivals weighed down sentiment, said Ravishankar Vishwanath, a trader in Erode.

 

* In Erode, arrivals were pegged at around 10,000 bags (1 bag = 65 kg) today compared with 8,500 bags on Tuesday. The finger variety of turmeric was quoted at 7,700-7,900 rupees per 100 kg, and the bulb variety was sold at 6,800-7,000 rupees, both down by 100 rupees, said Vishwanath. 

 

* The benchmark Nizamabad market for turmeric in Telangana will remain shut from today due to public holidays. The market will resume trade from Monday.

 

* Futures contracts of CORIANDER and JEERA ended nearly 2% lower today because of profit booking.

 

* In Ramganj, Rajasthan, the badami variety of coriander was sold at 13,000 rupees per 100 kg and the eagle variety at 14,000 rupees, both steady from Tuesday. Arrivals were also steady at 20,000 bags (1 bag = 45 kg).

 

* Spot prices of jeera in Unjha, Gujarat, also remained steady today. Exchange-quality jeera was sold within the range of 22,700-22,900 rupees per 100 kg. Arrivals were pegged at 21,000 bags (1 bag = 55 kg) compared with 23,000 bags on Tuesday, said Mahesh Yadav, a local trader. 

 

* Prices of CHILLI were flat in the benchmark market of Guntur, Andhra Pradesh, for the second straight day, said Jugraj Bhandari, a local trader.

 

* The Teja variety was sold at 18,500 rupees per 100 kg and the LCA-334 variety at 19,000 rupees. Arrivals were pegged at 70,000 bags (1 bag = 40 kg) compared with 90,000 bags on Tuesday.

 

* Prices are seen steady or slightly higher in the coming days due to firm demand from local stockists amid lack of quality spice in the market. Most of the arrivals are of medium quality.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander MayNCDEX10012,580(-) 220Jeera MayNCDEX10022,340(-) 335Turmeric MayNCDEX1009,180(-) 282

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

11,92013,200

Jeera

21,80023,300

Turmeric

9,10010,000

 

 

 

 

 

 

End

 

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

 

Edited by Namrata Rao

 

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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Send comments to [email protected]

 

© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

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