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India Spices: Turmeric down 1% on sluggish demand; coriander gains

Informist, Wednesday, May 4, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of most spices, barring coriander, closed lower on domestic exchanges today. Prices of chilli in Andhra Pradesh’s benchmark market of Guntur remained steady, market participants said.

 

TURMERIC futures on the National Commodity and Derivatives Exchange ended 1% lower due to a rise in arrivals across key trading centres and sluggish demand from bulk buyers, said Vikas Nagla, a trader in Nizamabad, Telangana.

 

* The most-active May contract hit a fresh three-month low of 8,144 rupees per 100 kg earlier today. Overseas demand is also weak, but it is expected to pick up after Ramzan.

 

JEERA futures, too, ended lower due to profit booking by investors. However, the outlook remains positive due to firm demand from local stockists and overseas buyers amid waning arrivals in key spot markets, said traders.

 

* In Gujarat’s benchmark Unjha market, exchange-quality jeera was steady at 22,500 rupees per 100 kg. Arrivals were pegged at 7,000 bags (1 bag = 55 kg), compared with 10,000 bags on Monday. Most spot markets across the country was shut on Tuesday on account of Id-ul-Fitr.

 

CORIANDER contracts on domestic bourse rose marginally taking cues from Rajasthan’s Ramganj market, where steady demand from local stockists and lower arrivals supported prices, said Giriraj Gupta, a local trader.

 

* In Ramganj, the badami variety was sold at 12,600 rupees per 100 kg and the eagle variety at 13,100 rupees, both steady from Monday. Arrivals were pegged at 4,000 bags (1 bag = 45 kg), compared with 5,000 bags the previous day.

 

* Prices of CHILLI in Guntur were steady as gains due to a pick-up in domestic demand were offset by lack of quality of the spice in the market, said Ashok Dattani, a Mumbai-based exporter.

 

* Demand from overseas buyers remained sluggish as most arrivals were of medium quality, Dattani added.

 

* 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 75,000 bags (1 bag = 40 kg), compared with 100,000 bags on Monday.

 

* Torrential rains in Andhra Pradesh, Telangana and Karnataka in November damaged the standing crop, leading to a lower yield. The quality of crop has also been hit due to pest attacks.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander MayNCDEX10012,20210Jeera MayNCDEX10021,420(-) 55Turmeric MayNCDEX1008,194(-) 90

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

12,00012,500

Jeera

21,20021,600

Turmeric

8,0008,600

 

 

 

 

 

 

End

 

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

 

Edited by Tanima Banerjee

 

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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