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India Spices: Down; jeera hits 1-week low on profit booking

Informist, Monday, Sep 19, 2022

 

By Rahul Dhuri

 

MUMBAI – Futures contracts of all spices on domestic exchanges fell today. Prices of chilli in Andhra Pradesh’s Guntur market were largely unchanged, market participants said.

 

* The most active October contract of JEERA on the National Commodity and Derivatives Exchange hit an over one-week low of 24,675 rupees per 100 kg, as investors booked profits after a recent surge in prices, analysts said.

 

* Weak demand from domestic spice makers and stockists also weighed on jeera contracts. However, concern about a supply shortage cushioned the fall in prices. Concerns over supply persist amid lower production estimates for the spice for 2021-22 (Jul-Jun), said Pawan Agarwal, a trader from Unjha in Gujarat. 

 

* Futures contracts of TURMERIC slipped on the domestic bourse as the near-term sentiment remains weak due to expectations of higher output amid favourable weather conditions in key growing areas, analysts said.

 

* Sufficient stock of the spice in the domestic market amid a likely fall in export demand is likely to weigh on sentiment, said Punamchand Gupta, a trader based in Nizamabad, Telangana. 

 

CORIANDER contracts on NCDEX were in the red as demand is likely to be weak, with wholesale sellers buying only bare minimum quantities, said Manish Gupta the owner of Manish Enterprises based in Kota. 

 

* Prices of CHILLI were flat in the benchmark market of Guntur, as arrivals were sufficient to meet demand, traders said.

 

* The Teja variety was sold at 23,500 rupees per 100 kg and the LCA-334 variety at 24,500 rupees, both unchanged from the previous close. Arrivals were pegged at 80,000 bags (1 bag = 40 kg), up 10,000 bags from the previous day.

 

* The near-term outlook for chilli remains weak due to dwindling demand from overseas buyers and domestic spice makers, said Satish Degala, a Guntur-based trader. 

 

Following are the prices of the most active contracts of spices as of 1645 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Oct

NCDEX

   100

10,608

 (-) 174

Jeera Oct

NCDEX

   100

24,710

  (-) 490

Turmeric Oct

NCDEX

   100

7,224(-) 32

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

         10,100

             11,600

Jeera

         24,150

             25,950

Turmeric

          6,300

              7,800

 

 

 

 

 

 

 

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 news. 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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