Informist, Tuesday, Nov 23, 2021
By Kavita Desai
MUMBAI – Futures contracts of spices on the domestic exchanges ended higher today. Turmeric and chilli prices gained on fear of crop damage, said market participants.
* JEERA futures on the National Commodity and Derivatives Exchange ended higher because of firm demand and as acreage under the spice is expected to decline in the ongoing rabi season, said Pawan Agarwal, a trader in Unjha.
* Farmers in Gujarat may opt for alternative crops such as isabgol and mustard because of lucrative returns, Agarwal added.
* Acreage under jeera in Gujarat, the top producer, was at 63,144 ha in the 2021-22 (Jul-Jun) season as of Monday, lower than the 168,360 ha sown in the same period last year, according to the state farm department.
* Futures contracts of CORIANDER ended higher tracking spot market amid firm demand from local stockists, said Giriraj Gupta, a trader in Ramganj.
* In Ramganj, a key trading centre, the badami variety was sold at 8,700 rupees per 100 kg and the eagle variety at 9,200 rupees, both up 100 rupees from Monday. Arrivals in Ramganj were marginally higher at 5,000 bags (1 bag = 45 kg), compared with 4,000 bags on Monday.
* The most-active December contract of TURMERIC rose sharply due to fresh buying and on concerns over crop damage owing to persistence rains in the south India, said Vikas Nagla, a Nizamabad-based trader.
* In Nizamabad, the benchmark market the bulb variety was sold at 6,800-7,200 rupees per 100 kg, and the finger variety at
7,200-7,400 rupees, both up 200 rupees from Monday. Arrivals were pegged at 1,500 bags (1 bag = 65 kg), compared with 800 bags on Monday.
* Chilli prices at the benchmark market in Guntur, Andhra Pradesh, rose for the second straight day on concerns that the recent heavy rainfall in the state may lead to some crop loss, affecting yields, said Ashok Dattani, a mumbai-based trader.
* The Teja variety was sold at 13,000-15,000 rupees per 100 kg, while LCA-334 variety was at 11,000-12,300 rupees, both up by 200-300 rupees from Monday. Arrivals in Guntur were steady at 60,000 bags (1 bag = 40 kg).
* “Slight delay in new crop arrivals (is) also supporting prices,” said Dattani.
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 Wednesday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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