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India Spices: Most down; coriander slips on spot cues, tepid demand

Informist, Wednesday, Jul 6, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of most spices, barring jeera, ended lower on domestic exchanges today. Prices of chilli remained unchanged in the benchmark market of Guntur, Andhra Pradesh, market participants said.

 

JEERA futures closed higher on the National Commodity and Derivatives Exchange, due to strong demand from domestic stockists amid lower production, said Siyaram Patel, a trader in Unjha, Gujarat.

 

* In Unjha, the benchmark market in Gujarat, exchange-quality jeera was sold at 22,500-22,700 rupees per 100 kg, steady from Tuesday. Arrivals were also steady at 9,000 bags (1 bag = 55 kg).

 

CORIANDER contracts declined, taking cues from the Ramganj market in Rajasthan where lack of strong demand from local stockists weighed on prices, said traders.

 

* In Ramganj, the badami variety was sold at 12,900 rupees per 100 kg and the eagle variety at 13,400 rupees, both down by 100 rupees from Tuesday. Arrivals were almost steady at 2,500 bags (1 bag = 45 kg). 

 

TURMERIC futures closed lower due to tepid demand for the spice in spot markets ahead of sowing, said Amrutlal Kataria, a Nizamabad-based trader.

 

* Farmers have already started sowing the kharif spice in some pockets of Nizamabad in Telangana, the top producer. Sowing is expected to gather pace in other producing states like Maharashtra, and Tamil Nadu.

 

* Prices of CHILLI in the benchmark market of Guntur, Andhra Pradesh, were flat today, said Ashok Dattani, the Mumbai-based exporter.

 

* 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 Tuesday. Today, arrivals were pegged at 40,000 bags (1 bag = 40 kg) compared with 60,000 bags on the previous day. 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander JulNCDEX10012,164(-) 28Jeera JulNCDEX10022,14575Turmeric JulNCDEX1008,030(-) 94

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

11,78012,320

Jeera

21,70022,400

Turmeric

7,8008,200

 

 

 

 

 

 

End

 

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

 

Edited by Maheswaran Parameswaran

 

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.

 

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Send comments to [email protected]

 

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

Source: Cogencis

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