Informist, Monday, Dec 6, 2021
By Kavita Desai
MUMBAI – Futures contracts of spices ended higher on domestic exchanges today. Chilli prices in Guntur also gained due to speculative buying, said market participants.
* CORIANDER futures on the National Commodity and Derivatives Exchange ended sharply higher tracking spot market where prices were up due to low arrivals, said Satyanarayan Gupta, a trader in Kota.
* In Kota, a key trading centre, the Badami variety was sold at 8,400 rupees per 100 kg and the eagle variety at 8,700 rupees, both up by 100 rupees from Saturday. Arrivals at Kota, Baran, and Ramganj markets were pegged at 3,000 bags (1 bag = 45 kg), compared with 5,000 bags on Saturday.
* JEERA futures ended up over 2% on lower acreage so far in the ongoing rabi season. The most-active January contract had hit a two-week high of 16,475 rupees per 100 kg earlier today.
* Acreage of jeera in Gujarat, the top producer, was at 237,866 ha in the 2021-22 (Jul-Jun) season as of today, lower than 381,055 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.
* Prices of CHILLI rose in Guntur, the benchmark market, today due to speculative buying by local stockists in anticipation of crop loss due to recent rainfall, said Satish Degala, a local trader.
* In Guntur, the LCA-334 variety was quoted at 14,000 rupees per 100 kg, while the Teja variety was sold at 15,500 rupees, both up by 500 rupees from Friday. Today, arrivals were pegged at 55,000 bags (1 bag = 40 kg), compared with 40,000 bags on the previous day. Of the total arrivals, around 15,000 bags were of new crop.
* Arrivals of the new crop are expected to gain pace in coming weeks, and this may weigh on prices in the near-term.
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 Tuesday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Snigdha Kuttikat
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Source: Cogencis
