Informist, Monday, Nov 7, 2022
By Chinmay Mungse
MUMBAI – Futures contracts of jeera and turmeric rose today due to higher export demand, while coriander contracts were down. Prices of chilli remained unchanged in the spot market of Guntur, traders said.
* JEERA contracts on the National Commodity and Derivatives Exchange rose today on the back of higher export demand. The near-term outlook remains firm due to concerns over supply amid rising demand from domestic spice makers, said Bhanubhai Joshi, a trader based in Unjha, Gujarat.
* High rainfall has delayed sowing in Gujarat, one of the largest producers. Higher moisture conditions, which are not apt for sowing of the crop, may delay sowing by 10-15 days. While jeera sowing has started in some parts of Rajasthan due to less moisture conditions, sowing in Gujarat is yet to gain pace.
* Futures contracts of TURMERIC were trading higher today on the domestic bourse due to expectations of higher export demand. Concerns over supply in the domestic market are also seen supporting the uptrend in prices, traders said.
* Arrivals have been coming down after Diwali. Turmeric arrivals in spot markets have been declining amid lower production and unseasonal rains, said R.K. Vishwanathan, a trader in Erode.
* Production of turmeric is expected to fall amid estimates of lower acreage by the market. Moreover, yield is likely to be lower due to unseasonal rains this season, Kotak Securities said in a report.
* CORIANDER futures were trading lower on the domestic bourse today due to sluggish buying. “Reports of a rise in area under coriander are keeping spices makers away from bulk buying,” SMC Global said in a report.
* Prices of CHILLI were largely unchanged in the benchmark market of Guntur, Andhra Pradesh. The near-term outlook for chilli remains weak due expectations of lower demand from overseas buyers and domestic spice makers, said Jugraj Bhandari, a trader based in Guntur.
* Today, the Teja variety was sold at 23,000 rupees per 100 kg and the LCA-334 variety at 24,000 rupees, both unchanged from the previous day of trade. Arrivals were pegged steady at 80,000 bags (1 bag = 40 kg).
Following are the prices of the most active contracts of spices as of 1708 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Friday:
Edited by Avishek Dutta
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