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India Spices:Most down; jeera slips on profit booking, higher supply

Informist, Friday, Apr 22, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of most spices, barring coriander, closed lower on the domestic exchanges today. Chilli prices declined in the benchmark market of Guntur in Andhra Pradesh, due to tepid demand, market participants said.

 

* JEERA futures ended lower on the National Commodity and Derivatives Exchange due to profit booking by investors after prices rose 4% in the previous trading session. Higher arrivals in Gujarat’s benchmark Unjha market also weighed on prices, said Mahesh Yadav, a local trader.

 

* In Unjha, exchange-quality jeera was sold in the range of 22,900-23,000 rupees per 100 kg, steady from Thursday. Arrivals were pegged at 14,000 bags (1 bag = 55 kg), compared with 10,000 bags the previous day.

 

CORIANDER futures ended a tad higher due to firm demand from domestic stockists and masala manufactures. Waning arrivals and a drop in output estimates for the 2021-22 (Jul-Jun) season also supported prices, local trader Giriraj Gupta said.

 

TURMERIC futures ended lower due to profit booking after a sharp rise in prices recently. Prices are seen range-bound in the coming week due to steady demand from domestic and overseas buyers, said Vikas Nagla, a trader in Nizamabad, Telangana.

 

* Despite a fall in arrivals, prices of CHILLI declined in the benchmark market of Guntur, Andhra Pradesh, due to sluggish demand from bulk buyers, owing to lack of quality spice, said Ashok Jain, the proprietor of Guntur-based Ankur Enterprises.

 

* The Teja variety was sold at 18,000 rupees per 100 kg and the LCA-334 variety at 18,500 rupees, both down by 500 rupees from Thursday. Arrivals were pegged at 50,000 bags (1 bag = 40 kg), compared with 80,000 bags the previous day.

 

* Most of the arrivals are of medium quality. Torrential rains in Andhra Pradesh, Telangana, and Karnataka in November damaged the standing crop, leading to lower yield. The quality of crop has also been hit due to pest attacks, market participants said. 

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander MayNCDEX10012,53480Jeera MayNCDEX10022,370(-) 280Turmeric MayNCDEX1008,976(-) 54

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

12,10012,850

Jeera

22,00023,000

Turmeric

8,5009,300

 

 

 

 

 

 

End

 

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

 

Edited by Vidhi Verma

 

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. 2022. All rights reserved.

Source: Cogencis

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