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India Spices: End down; NCDEX turmeric hits 9-mo low on tepid demand

Informist, Wednesday, Aug 10, 2022

 

By Kavita Desai

 

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

 

TURMERIC futures on the National Commodity and Derivatives Exchange declined today due to sluggish demand from bulk buyers and ample stock in consuming centres, said Amrutlal Kataria, a Nizamabad-based trader.

 

* Progress in sowing and weak overseas demand also weighed on prices. Earlier today, the most active September contract hit a nine-month low of 7,200 rupees.

 

* In Telangana’s Nizamabad market, the bulb and finger varieties were sold at 6,000-6,300 rupees per 100 kg and 7,200-7,400 rupees per 100 kg, respectively, both down 100 rupees from Monday. Arrivals were estimated at 2,500 bags (1 bag = 65 kg) against 2,000 bags on Monday. 

 

* Nizamabad market was shut On Tuesday on account of Muharram.

 

CORIANDER futures also declined because of weak demand from local stockists and masala manufacturers, said a local trader Giriraj Gupta.

 

* The most active September contract hit a two-month low of 11,260 rupees earlier today.

 

* In Ramganj, the badami variety was sold at 12,600 rupees per 100 kg and the eagle variety at 13,100 rupees, both steady from Tuesday. Arrivals in Ramganj were pegged at 2,500 bags (1 bag = 45 kg), compared with 5,000 bags on the previous day.

 

* JEERA futures ended marginally lower today. However the near-term outlook for the spice remains firm. Expectation of a rise in demand amid a supply shortage, in view of lower production estimates for 2021-22 (Jul-Jun), is likely to support prices, said traders.

 

* In Unjha, the benchmark market in Gujarat, the price of exchange quality jeera was 23,900-24,200 rupees per 100 kg, steady from Tuesday. Arrivals were pegged at 9,000 bags, unchanged from the previous day. 

 

* Prices of Teja variety of CHILLI rose today in the benchmark market of Guntur, Andhra Pradesh, due to a pick-up in demand from bulk buyers, said Ashok Dattani, a Mumbai-based exporter.

 

* Lower arrivals and improved demand from Bangladesh, a key importer, also supported chilli prices, said Dattani.

 

* In Guntur, the Teja variety was sold for 22,500-23,500 rupees per 100 kg, up 500 rupees from Monday. The LCA-334 variety was steady at 24,000-26,000 rupees. Today, arrivals were pegged at 50,000 bags (1 bag = 40 kg), compared with 60,000 bags on Monday.

 

* Guntur market was shut On Tuesday on account of Muharram.

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander SepNCDEX10011,342(-) 96Jeera SepNCDEX10023,980(-) 25Turmeric SepNCDEX1007,210(-) 222

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

11,00011,700

Jeera

23,60024,300

Turmeric

6,9007,500

 

 

 

 

 

 

End

 

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

 

Edited by Deepshikha Bhardwaj

 

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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