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India Spices:Most down; jeera slips on higher arrivals, weak exports

Informist, Thursday, Jun 16, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of all spices barring coriander closed lower on domestic exchanges today. Prices of chilli were steady in the benchmark market of Guntur in Andhra Pradesh, market participants said.

 

CHILLI prices in Guntur were flat today, after rising sharply in the past two days due to firm demand. However, prices are likely to rise in the coming days as demand from local stockists is expected to remain strong as since the market resumed operations after a month-long break, said Devkishan Maheshwari, a Guntur-based trader.

 

* In Guntur, the Teja variety was sold at 21,000 rupees per 100 kg, while the LCA-334 variety was quoted at 22,000 rupees, both steady from Wednesday. Today, arrivals were steady at 50,000 bags (1 bag = 40 kg), of which around 45,000 bags arrived from cold storages.

 

* Enquiries from Sri Lanka, Bangladesh and Malaysia for premium quality spice may also support prices, said traders.

 

JEERA futures on the National Commodity and Derivatives Exchange closed lower due to a rise in arrivals in Gujarat’s Unjha market, said Bhanubhai Maharaj, a local trader.

 

* However, firm domestic demand limited the downside. Nearly 10,000 bags (1 bag = 55 kg) are being sold on a daily basis in the domestic market, Maharaj said, adding that export demand was a bit slow.

 

* In Unjha, prices of exchange-quality jeera were steady at 21,600-21,800 rupees per 100 kg. Arrivals were pegged at 8,000 bags (1 bag = 55 kg), compared with 6,000 bags on Wednesday. 

 

CORIANDER contracts ended higher due to waning arrivals in spot markets and lower output estimates for the 2021-22 (Jul-Jun) season. In Ramganj, the badami variety was sold at 12,400 rupees per 100 kg and the eagle variety at 12,800 rupees, both steady from Wednesday. Arrivals were also steady at 2,000 bags (1 bag = 45 kg). 

 

TURMERIC futures ended lower due to sluggish demand ahead of sowing. Farmers have already started sowing the spice in some pockets of Nizamabad, traders 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 JulNCDEX10011,45886Jeera JulNCDEX10021,205(-) 135Turmeric JulNCDEX1007,900(-) 124

 

* 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 Avishek Dutta

 

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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