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Tuesday, September 27, 2022

India Spices: Most up; coriander gains on spot cues, steady arrivals

Informist, Friday, Jul 8, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of most spices, barring turmeric, ended higher on domestic exchanges today. Prices of chilli rose in the benchmark market of Guntur, Andhra Pradesh, market participants said.

 

JEERA futures closed higher on the National Commodity and Derivatives Exchange despite higher arrivals in Unjha, Gujarat, said local trader Vimal Patel.

 

* Steady demand from local stockists supported futures prices. In the benchmark market of Unjha, jeera was steady at 22,200-22,500 rupees per 100 kg. Arrivals were pegged at 10,000 bags (1 bag = 55 kg), up from 9,000 bags on Thursday.

 

CORIANDER contracts gained on cues from Rajasthan’s Ramganj market amid steady arrivals. Demand from masala manufacturers generally remains weak during the rainy season, which limited the rise, said local trader Giriraj Gupta.

 

* In Ramganj, the badami variety was sold at 12,900 rupees per 100 kg and the eagle variety at 13,300 rupees, both up by 100 rupees from Thursday. Arrivals were steady at 2,000 bags (1 bag = 45 kg). 

 

TURMERIC futures closed lower due to weak demand in spot markets amid progress in sowing. Farmers have started to sow the kharif spice in some pockets of Nizamabad in Telangana, the top producer. Sowing is expected to gather pace in other producing states such as Maharashtra and Tamil Nadu.

 

* Prices of the Teja variety of CHILLI rose today in the benchmark market of Guntur, Andhra Pradesh, because of strong buying from bulk buyers in anticipation of a further rise in prices, said B. Srinu, owner of Guntur-based Laxmi Sai Traders.

 

* In Guntur, the Teja variety was sold at 22,500 rupees per 100 kg, up 300 rupees from Thursday. The LCA-334 variety was steady at 26,000 rupees. Today, arrivals were pegged at 40,000 bags (1 bag = 40 kg) compared with 60,000 bags on Thursday.

 

* Prices are expected to be firm in the near term because of lower crop estimates for 2021-22 (Jul-Jun) season and lower availability of premium-quality spice in the market. Torrential rains in Andhra Pradesh, Telangana and Karnataka last year damaged the standing crop, resulting in ower yield. The quality of crop has also been hit due to pest attacks. 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander AugNCDEX10012,15290Jeera AugNCDEX10021,96090Turmeric AugNCDEX1007,870(-) 62

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

11,78012,320

Jeera

21,40022,200

Turmeric

7,6008,200

 

 

 

 

 

 

End

 

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

 

Edited by Namrata Rao

 

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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