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India Spices:Most dn; Guntur chilli gains on strong buys, lower crop

Informist, Thursday, Jul 14, 2022

 

By Kavita Desai

 

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

 

JEERA futures closed lower on the National Commodity and Derivatives Exchange due to profit booking by investors after a recent sharp rise in prices. The most active August jeera contract on domestic bourse hit a fresh three-month high of 23,170 rupees per 100 kg earlier today.

 

* In Unjha, the benchmark market in Gujarat, exchange-quality jeera was steady at 22,700-23,000 rupees per 100 kg. Arrivals in Unjha were pegged at 8,000 bags (1 bag = 55 kg), compared with 9,000 bags the previous day.

 

CORIANDER contracts also declined on cues from the spot markets. Demand from masala manufacturers generally remains weak during the rainy season, said Giriraj Gupta, a Ramganj-based trader. 

 

* Today, in Ramganj, a key trading centre in Rajasthan, 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 Wednesday. The arrivals were pegged at 3,500 bags (1 bag = 45 kg) compared with 2,500 bags the previous day.

 

TURMERIC futures closed lower due to tepid demand in the spot markets amid progress in sowing as monsoon has covered most key producing states, said Erode-based trader Ravishankar Vishwanath.

 

* Prices of CHILLI rose today in the benchmark market of Guntur, Andhra Pradesh, because of robust buying from local buyers in anticipation of a further rise in prices, said Ashok Jain, proprietor of Ankur Enterprises in Guntur.

 

* In Guntur, the Teja variety was sold at 23,000 rupees per 100 kg, and the LCA-334 variety was sold at 25,500 rupees, both up by 300-500 rupees from Wednesday. Today, arrivals were pegged at 70,000 bags (1 bag = 40 kg), compared with 60,000 bags on the previous day.

 

* Lower crop estimates for 2021-22 (Jul-Jun) season and lower availability of premium quality spice in the market is supporting prices. Torrential rain in Andhra Pradesh, Telangana and Karnataka last year damaged the standing crop, leading to lower yield. The quality of crop has also been hit due to pest attacks, 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 AugNCDEX10012,242(-) 142Jeera AugNCDEX10022,830(-) 65Turmeric AugNCDEX1007,818(-) 70

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

12,00012,800

Jeera

22,50023,200

Turmeric

7,6008,200

 

 

 

 

 

 

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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