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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:

 

Contract Exchange

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

 

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.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

 

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

Source: Cogencis

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