Home Commodity Market News India Spices: Coriander up on rising demand; jeera, turmeric down

India Spices: Coriander up on rising demand; jeera, turmeric down

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Informist, Friday, Oct 7, 2022

 

By Rahul Dhuri

 

MUMBAI – Barring coriander, futures contracts of all the other spices fell today on the domestic exchanges. Prices of chilli were largely unchanged at Guntur in Andhra Pradesh, participants said.

 

* Futures contracts of CORIANDER rose on the National Commodity and Derivatives Exchange as the near-term outlook for the commodity remains firm due to rising demand from domestic stockists and overseas buyers, traders said.

 

* Rise in domestic demand from spice makers is also seen supporting the uptrend, analysts said.

 

* Futures contracts of TURMERIC slipped on the domestic bourse as investors booked profits after the recent price surge. Improved production outlook weighed on turmeric prices further, analysts said.

 

* Sowing in Telangana and Andhra Pradesh is progressing well. However, likely rise in demand during the festival season amid tight supply in the market limited the fall in prices, market participants said.

 

* Futures contracts of JEERA slipped on NCDEX as investors booked profits after the recent surge in prices. However, the near-term outlook remains firm due to expectations of rise in demand from domestic and overseas buyers, analysts 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 fall 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 1845 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Oct

NCDEX

   100

11,036 114

Jeera Oct

NCDEX

   100

23,650

 (-) 40

Turmeric Oct

NCDEX

   100

6,910(-) 174

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

         10,400

             11,450

Jeera

         23,450

             24,400

Turmeric

          6,500

              7,450

 

 

 

 

 

 

 

End

 

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

 

Edited by Ashish Shirke

 

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Source: Cogencis

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