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India Spices: Most dn; Turmeric bucks the trend on firm export demand

Informist, Thursday, Jun 9, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of spices, barring those of turmeric, closed lower on the domestic exchanges today.

 

JEERA and CORIANDER futures closed lower on the National Commodity and Derivatives Exchange due to profit booking after a recent gain in prices.

 

* However, spot prices gained due to firm demand from bulk buyers and waning arrivals in physical markets.

 

* In Unjha, the benchmark market in Gujarat, exchange quality jeera was sold for 21,500-21,700 rupees per 100 kg, up 100 rupees from Wednesday. Arrivals in Unjha were pegged at 6,000 bags (1 bag = 55 kg), compared with 9,000 bags the previous day, said a local trader Krunal Shah.

 

* In Ramganj, key trading centre in Rajasthan, the badami variety of coriander was sold at 12,300 rupees per 100 kg and the eagle variety at 12,700 rupees, both up by 100 rupees from Wednesday. Arrivals were steady at 2,000 bags (1 bag = 45 kg), said a local trader Giriraj Gupta.

 

TURMERIC futures closed higher due to increased export demand. However, upside was capped as farmers have already started sowing the spice in some pockets of Nizamabad, said a local trader Vikas Nagla.

 

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

 

* Demand for the spice is expected to remain strong once the market reopens, said traders.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander JulNCDEX10011,440(-)  34Jeera JulNCDEX10021,190(-) 255Turmeric JulNCDEX1008,1848

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

10,80011,700

Jeera

20,70021,600

Turmeric

7,7008,500

 

 

 

 

 

 

End

 

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.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

 

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

Source: Cogencis

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