30.1 C
New York
Wednesday, August 10, 2022

India Spices: Most up; jeera gains over 1% on firm buys, low supply

Informist, Friday, Jul 1, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of most spices closed higher on domestic exchanges today. While jeera was among top gainers, prices of chilli remained unchanged in the benchmark market of Guntur, Andhra Pradesh, market participants said.

 

* Prices of CHILLI in the benchmark market of Guntur, Andhra Pradesh, were flat today, said Ashok Jain, the proprietor of Guntur-based Ankur Enterprises.

 

* Prices are likely to rise in the coming days as demand from local and overseas buyers is expected to remain strong. Lower output estimates and lesser availability of premium quality in the market may also lift demand for the spice.

 

* In Guntur, the Teja variety was sold for 22,000 rupees per 100 kg, while the LCA-334 variety was quoted at 26,000 rupees, both unchanged from Thursday. Today, arrivals were pegged at 50,000 bags (1 bag = 40 kg) compared with 70,000 bags on the previous day. 

 

JEERA futures closed 1% higher on the National Commodity and Derivatives Exchange due to strong buying and lower arrivals. Demand is expected to remain firm in near-term due to lower crop estimate in the 2021-22 (Jul-Jun) season, said Mahesh Yadav, a trader in Unjha, Gujarat.

 

* In Unjha, exchange quality jeera was steady at 22,200 rupees per 100 kg. Arrivals were pegged at 5,000 bags (1 bag = 55 kg) compared with 7,000 bags on Thursday.

 

CORIANDER contracts also rose due to waning arrivals and steady demand, said traders. 

 

* Ramganj, the key trading centre for coriander in Rajasthan, was shut today due to local festival.

 

TURMERIC futures closed higher due to short covering. However, outlook remains weak due to a lack of strong demand for the spice in the spot markets and ahead of sowing, said Amrutlal Kataria, a Nizamabad-based trader.

 

* Farmers have already started sowing kharif spice in some pockets of Nizamabad in Telangana and around 30% sowing is complete, said Kataria, adding that sowing is expected to gather pace in most producing states.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander JulNCDEX10011,38238Jeera JulNCDEX10021,600290Turmeric JulNCDEX1007,90084

 

* 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

21,20022,000

Turmeric

7,5408,060

 

 

 

 

 

 

End

 

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

 

Edited by Deepshikha Bhardwaj

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

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

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,292FansLike
12,893FollowersFollow
748FollowersFollow
- Advertisement -

Latest Articles

Popular Articles