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India Spices: Most down; jeera gains on short covering post 4-wk low

Informist, Friday, Jun 10, 2022

 

By Kavita Desai

 

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

 

JEERA futures closed higher on the National Commodity and Derivatives Exchange due to short covering after the most-active July contract hit a four-week low of 20,900 rupees per 100 kg earlier today.

 

* Firm demand from domestic stockists also supported prices, said Mahesh Yadav, a trader in Unjha, Gujarat.

 

* In Unjha, the benchmark market in Gujarat, the price of exchange-quality jeera was steady at 21,700 rupees per 100 kg. Arrivals were pegged at 7,000 bags (1 bag = 55 kg), compared with 5,000 bags on Thursday. 

 

* CORIANDER contracts ended down due to profit booking. However, spot prices gained due to pick-up in domestic demand, said Giriraj Gupta, a Ramganj-based trader.

 

* Waning arrivals in the spot markets and lower output estimates for the 2021-22 (Jul-Jun) season further supported prices, said Gupta.

 

* In Ramganj, the badami variety was sold at 12,400 rupees per 100 kg and the eagle variety at 12,800 rupees, both up by 100 rupees from Thursday. Arrivals were down at 1,700 bags (1 bag = 45 kg), compared with 2,000 bags on previous day. 

 

TURMERIC futures closed lower ahead of sowing. 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 JulNCDEX10011,398(-) 14Jeera JulNCDEX10021,450195Turmeric JulNCDEX1008,120(-) 74

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

10,80011,700

Jeera

20,70021,600

Turmeric

7,7008,500

 

 

 

 

 

 

End

 

Edited by Maheswaran Parameswaran

 

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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