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India Spices:Most down; tepid bulk demand weighs on chilli in Guntur

Informist, Friday, Aug 5, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of all spices, barring turmeric, closed lower on domestic exchanges today. Spot prices of chilli also fell in the benchmark market of Guntur, Andhra Pradesh, market participants said.

 

CORIANDER futures on the National Commodity and Derivatives Exchange declined, taking cues from Rajasthan’s Ramganj market, where lack of strong demand from masala manufacturers weighed on prices, said Giriraj Gupta, a local trader.

 

* In Ramganj, the badami variety was sold at 12,500 rupees per 100 kg and the eagle variety at 13,000 rupees, both steady from Thursday. Arrivals in Ramganj were pegged steady at 4,000 bags (1 bag = 45 kg).

 

* Futures contracts of JEERA ended lower due to higher arrivals in the spot market. However, prices in Gujarat’s benchmark Unjha market rose due to firm demand amid a supply shortage, in view of lower production estimates for 2021-22 (Jul-Jun), said Mahesh Yadav, a trader in Unjha.

 

* Exchange-quality jeera was sold at 23,900-24,200 rupees per 100 kg, up 100 rupees from Thursday. Arrivals in Unjha were pegged at 11,000 bags, up from 10,000 bags the previous day.

 

TURMERIC contracts ended higher due to short covering after falling in the last four sessions. However, the outlook remains weak due to tepid local and overseas demand, said Vikas Nagla, a trader in Nizamabad.

 

* The physical market witnessed thin activity as buyers from major consumption centres stayed away, largely buying only for immediate requirement. Sufficient stocks and good sowing reports also kept turmeric prices under pressure, said SMC Global Securities in a report.

 

* Prices of CHILLI fell today in the benchmark market of Guntur due to sluggish demand as demand from domestic and overseas buyers slowed, said Ashok Jain, proprietor of city-based Ankur Enterprises.

 

* In Guntur, the Teja variety was sold at 22,500 rupees per 100 kg, down 500 rupees from Thursday. The LCA-334 variety was quoted at 24,000 rupees, down 1,000 rupees from the previous day. Today, arrivals were pegged at 30,000 bags (1 bag = 40 kg), compared with 60,000 bags on Thursday. 

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander SepNCDEX10011,536(-) 112Jeera SepNCDEX10024,320(-) 195Turmeric SepNCDEX1007,48622

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

11,10012,000

Jeera

23,00023,800

Turmeric

6,8008,000

 

 

 

 

 

 

End

 

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

 

Edited by Avishek Dutta

 

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

Source: Cogencis

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