Informist, Monday, Jul 25, 2022
By Kavita Desai
MUMBAI – Futures contracts of spices on domestic exchanges ended lower today, market participants said, adding that prices of chilli were steady in the benchmark market of Guntur, Andhra Pradesh.
* Futures contracts of JEERA on the National Commodity and Derivatives Exchange closed lower due to profit booking after a recent surge in prices. Weakness in spot prices due to a slowdown in demand also weighed on prices, said Siyaram Patal, a trader in Unjha.
* The most-active August jeera contract had hit a record high of 24,100 rupees per 100 kg on Friday.
* In Unjha, the benchmark market in Gujarat, the price of exchange-quality jeera was at 23,500 rupees per 100 kg, down 500 rupees from Saturday. Arrivals were pegged at 15,000 bags, compared with 17,000 bags on Saturday, said Patel.
* CORIANDER contracts also declined, taking cues from Rajasthan’s Ramganj market, where weak demand from apice manufacturers weighed on prices, said Giriraj Gupta, a local trader. In Ramganj, the badami variety was sold at 12,700 rupees per 100 kg and the eagle variety at 13,200 rupees, both down by 200 rupees from Saturday.
* A rise in arrivals also weighed on prices. Arrivals in Ramganj were pegged at 5,000 bags (1 bag = 45 kg), compared with 4,000 bags on Saturday.
* TURMERIC futures closed lower due to sluggish local demand and a pick-up in sowing.
* Around 70-80% of the sowing has been completed in Telangana, said Kataria, adding that this was expected to continue till the first week of August. Sowing in Maharashtra, another major producer, is expected to be completed by the end of August.
* Prices of CHILLI were steady today in the benchmark market of Guntur. Today, the Teja variety in Guntur was sold at 24,500 rupees per 100 kg, and the LCA-334 variety at 26,500 rupees, both steady from Thursday.
* Arrivals in Guntur were pegged at 50,000 bags (1 bag = 40 kg), compared with 65,000 bags the previous day.
Following are the prices of the most active contracts of spices as of 1700 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Tuesday:
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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