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India Spices: Most up; jeera slips on rise in arrivals, weak exports

Informist, Monday, May 30, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of most spices, barring jeera, ended higher today.

 

JEERA futures on the National Commodity and Derivatives Exchange ended marginally lower due to a slight increase in arrivals and sluggish demand from overseas buyers, said Siyaram Patel, a trader in Unjha.

 

* India’s jeera exports declined 24.5% on year to 173,796 tn during Apr-Dec, according to data from the Spices Board India.

 

* Exchange-quality jeera in the benchmark market of Unjha in Gujarat was sold at 21,500-21,700 rupees per 100 kg, steady from Saturday. Arrivals were pegged at 8,000 bags (1 bag = 55 kg), compared with 7,000 bags the previous day. 

 

CORIANDER and TURMERIC futures closed higher due to short covering by investors after a recent fall in prices, said analysts. 

 

* Today, the benchmark Nizamabad market for turmeric in Telangana and the coriander market in Ramganj, Rajasthan, were shut on account of Amavasya. The markets will resume trade on Tuesday.

 

* Prices of CHILLI in Guntur, Andhra Pradesh, were unavailable as the market is shut till Jun 12 due to peak summer. The chilli market in Guntur remains shut for about a month every summer, as high temperatures make it difficult to handle the pungent spice.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander JunNCDEX10011,340144Jeera JunNCDEX10021,420(-) 40Turmeric JunNCDEX1008,03836

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

10,80011,700

Jeera

21,00021,700

Turmeric

7,5008,200

 

 

 

 

 

End

 

Edited by Sushmita Mukherjee

 

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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