India Spices: Most up; jeera gains on fresh demand from spice makers

Informist, Tuesday, Aug 30, 2022

By Rahul Dhuri

MUMBAI – Futures contracts of all spices, barring turmeric, rose on domestic exchanges today. The prices of chilli in Andhra Pradesh’s Guntur market were steady, market participants said.

* The most active JEERA futures on the National Commodity and Derivatives Exchange rose due to improved demand from spice makers and stockists. The near-term outlook for jeera remains firm due to tight supply amid lower production estimates for 2021-22 (Jul-Jun).

* CORIANDER futures rose due to a likely fall in output. However, poor demand from local stockists and masala makers capped sharp gains, said Satyanarayan Gupta, a trader in Kota.

* According to the fourth advanced estimates by the Gujarat government, in 2021-22, coriander is seen at 208,090 tn, down by 5.9% as compared to the same period a year ago.

* TURMERIC contracts were down because ample stock in consumption centres and progress in sowing weighed on prices, traders said.

* Prices of CHILLI were steady today in the benchmark market of Guntur, Andhra Pradesh, said Ashok Jain, proprietor of Ankur Enterprises in Guntur.

* Prices are likely to fall in the coming days as the demand from domestic and overseas buyers has slowed since most of the stocks are of medium quality.

* In Guntur, the Teja variety was sold at 23,500 rupees per 100 kg, while the LCA-334 variety was quoted at 25,500 rupees, both steady from the previous level. Today, arrivals were pegged steady at 70,000 bags (1 bag = 40 kg).

Following are prices of the most active contracts of spices as of 1735 IST:

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander SepNCDEX10011,360 40Jeera SepNCDEX10025,15040Turmeric SepNCDEX1007,048(-) 108

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

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

10,80011,550

Jeera

25,00025,600

Turmeric

6,9007,350

End

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

Edited by Michael Correya

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