Informist, Thursday, Sep 29, 2022
By Rahul Dhuri
MUMBAI – Barring coriander, futures contracts of all spices rose on domestic exchanges today. Prices of chilli in Andhra Pradesh’s Guntur were largely unchanged, participants said.
* Futures contracts of CORIANDER on the National Commodity and Derivatives Exchange ended in the red as investors continued to book profits after the recent surge in prices. However, the near-term outlook for the commodity remains firm due to rising demand.
* Coriander exports are seen higher because of improved demand from Russia, Syria, and other countries. A rise in domestic demand from spice makers is also seen supporting the uptrend, analysts said.
* Futures contracts of JEERA on NCDEX rose today as the near-term outlook for the spice remains firm due to higher demand from domestic and overseas buyers, analysts said.
* Global supply disruptions in the wake of lower production in Syria and Turkey will lead to buyers securing jeera from India. Active buying by domestic spice makers due to likely tight supply is also seen supporting prices, SMC Global Securities said in a report.
* Futures contracts of TURMERIC on NCDEX rose marginally due to value buying by investors after a recent fall in prices. The near-term outlook remains firm due to shrinking supplies in the physical market amid expectations of a rise in demand, analysts said.
* Domestic demand is seen higher ahead of the festival season. However, an improved outlook on production capped the rise in turmeric prices. Sowing of the crop in Telangana and Andhra Pradesh is progressing well, market participants said.
* Prices of CHILLI in the benchmark market of Guntur were flat, as arrivals were sufficient to meet demand. The near-term outlook for chilli remains weak due to a drop in demand from overseas buyers and domestic spice makers, said Satish Degala, a trader in Guntur.
* Today, 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 day. Arrivals were pegged at 70,000 bags (1 bag = 40 kg), also steady from the previous day.
Following are the prices of the most active contracts of spices as of 1700 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Friday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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