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Friday, January 27, 2023

India Spices: Most down on weak demand, jeera up on supply concerns

Informist, Friday, Jan 13, 2023

 

By Afra Abubacker

 

MUMBAI – Futures contracts of jeera on the National Commodity and Derivatives Exchange rose because of low supply and a weak production outlook. Turmeric contracts ended lower due to sufficient supply and tepid demand, said traders. 

 

* Futures contracts of TURMERIC fell on the domestic bourse due to weak demand amid high supply. Improved prospects of yield due to favourable weather conditions also weighed on sentiment. Demand for premium quality turmeric is weak as stockists are releasing old stocks at lower rates, SMC Global Securities said in a report. 

 

* Futures contracts of JEERA on the domestic bourse rose due to a weak production outlook. Jeera prices have been rising sharply due to a drop in acreage and lower carryover stocks. Domestic and overseas demand for jeera is strong. Prices are likely to touch 38,000-40,000 rupees per 100 kg, said Unjha-based trader Mahesh Yadav. 

 

CORIANDER contracts traded lower on the domestic bourse due to weak demand in domestic markets. Higher acreage and improved yield prospects in the main growing state of Gujarat also weighed on sentiment, said traders. 

 

* Prices in the key wholesale market of Kota, Rajasthan, were steady at 8,200 rupees per 100 kg, said traders. 

 

* Prices of CHILLI were largely unchanged in the benchmark market of Guntur. The Teja variety was sold at 20,000 rupees per 100 kg and the LCA-334 variety at 27,000 rupees, both unchanged from the previous day. Arrivals were at 80,000 bags (1 bag = 40 kg), steady from the previous day.

 

* Following are the prices of the most-active contracts of spices as of 1730 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Apr

NCDEX

   100

 8,310 (-)170

Jeera Mar

NCDEX

   100

 37,325

 1,240

Turmeric Apr

NCDEX

   100

 7,732

  (-)96

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander Apr

  8,100

 8,500

Jeera Mar

 35,000

  37,500

Turmeric Apr

 7,620

  8,150

 

 

 

 

 

 

 

End

 

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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© Informist Media Pvt. Ltd. 2023. All rights reserved.

Source: Cogencis

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