Informist, Friday, Dec 3, 2021
By Kavita Desai
MUMBAI – Futures contracts of spices, barring coriander ended higher on the domestic exchanges today. Chilli prices in Guntur rose on firm demand, said market participants.
* CORIANDER futures on the National Commodity and Derivatives Exchange ended lower for the third straight day on lack of strong demand from local stockists and slight rise in arrivals. The most-active December contract had hit a three-week low of 8,150 rupees per 100 kg earlier today.
* In Kota, a key trading centre, the badami variety was sold at 8,500 rupees per 100 kg and the eagle variety at 8,800 rupees, both steady from Thursday. Arrivals in Kota, Baran and Ramganj markets were pegged at 3,000 bags (1 bag = 45 kg), compared with 2,000 bags on previous day, said Satyanarayan Gupta, a trader in Kota.
* JEERA futures ended higher due to short covering and on lower acreage so far in the ongoing rabi season. The most-active January contract had hit a three-week low of 15,665 rupees per 100 kg earlier today.
* Acreage of jeera in Gujarat, the top producer, was at 171,459 ha in the 2021-22 (Jul-Jun) season as of Monday, lower than the 302,637 ha sown in the same period last year, according to the state’s farm department.
* The most-active December contract of TURMERIC ended higher tracking the Nizamabad market, where firm demand from domestic buyers supported prices, said Vikas Nagla, a local trader.
* Lower level buying after a recent sharp fall also pushed prices higher. On Thursday, the most active December contract had hit a three-week low of 7,114 rupees per 100 kg.
* In Telangana’s Nizamabad market, the bulb variety and the finger variety were sold at 6,600-7,000 rupees per 100 kg and 7,200-7,500 rupees per 100 kg, respectively, both up 200 rupees from Thursday. Arrivals were slightly higher at 1,000 bags (1 bag = 65 kg), compared with 800 bags on Thursday, said traders.
* Prices of CHILLI rose in Guntur, the benchmark market, today due to firm demand from bulk buyers and lower arrivals, said Hariom Maheshwari, a local trader.
* In Guntur, the LCA-334 variety was quoted at 13,000 rupees per 100 kg, while Teja variety was sold at 15,000 rupees, both up by 200-300 rupees from Thursday. Today, arrivals were pegged at 40,000 bags (1 bag = 40 kg), compared with 70,000 bags on previous day.
* Prices of chilli are expected to decline due to arrival pressure of the new crop in the coming weeks. Clear weather conditions in key growing regions may lead to a rise in arrivals, said Maheshwari.
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 Monday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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Source: Cogencis
