Informist, Thursday, Sep 30, 2021
By Kavita Desai
MUMBAI – Futures contracts of coriander and jeera on domestic exchanges ended lower today. Chilli prices in Andhra Pradesh’s Guntur market rose for the second straight day on a pick up in exports, said market participants.
* TURMERIC futures on the National Commodity and Derivatives Exchange closed up due to lower arrivals in the spot market. In Nizamabad, arrivals were pegged at 1,000 bags (1 bag = 65 kg), compared with 4,000 bags the previous day.
* However, spot prices declined as production in the 2021-22 (Jul-Jun) season is likely to be higher due to favourable weather conditions in key growing regions of Telangana.
* The bulb variety was sold at 5,700-6,200 rupees per 100 kg, and the finger variety at 6,000-6,500 rupees, both down 100 rupees from Wednesday. Huge carryover stocks and lack of bulk demand due to lower availability of the premium quality spice in the market also weighed on prices, said Vikas Nagla, a local trader.
* JEERA futures closed lower due to tepid demand and arrivals pressure in the market. “Bulk buyers are avoiding major purchases, demand is expected to gain pace after Diwali,” said Vimal Patel, a trader in Unjha.
* CORIANDER futures ended in the red due to the lack of strong demand from bulk buyers. “Currently, the demand is normal, it is expected to pick up pace after monsoon withdrawal, said Satyanarayan Gupta, a Kota-based trader.
* CHILLI prices in the benchmark Guntur market in Andhra Pradesh rose for the second straight day today on the back of improving demand from overseas buyers, said Satish Degala, a local trader.
* Demand for LCA-334 variety of chilli from China remains firm, Degala added.
* Today, the Teja variety was sold in Guntur at 14,600-14,700 rupees per 100 kg and the LCA-334 variety at 11,200-11,500 rupees per 100 kg, both up by 100 rupees from Wednesday. Arrivals in Guntur were pegged at 70,000 bags (1 bag = 40 kg), compared with 75,000 bags on the previous day.
Following are the prices of the most-active contracts of spices at 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 Arshad Hussain
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