Informist, Wednesday, Dec 8, 2021
By Kavita Desai
MUMBAI – Futures contracts of spices, barring jeera ended higher on domestic exchanges today. Chilli prices in Guntur remained steady after a recent surge in prices, said market participants.
* TURMERIC futures on the National Commodity and Derivatives Exchange ended higher tracking the Nizamabad market, where firm demand and reports of crop damage supported prices, said Vikas Nagla, a local trader.
* In Telangana’s Nizamabad market, the bulb variety and the finger variety were sold at 7,700 rupees per 100 kg and 8,000 rupees per 100 kg, respectively, both up by 200 rupees from Tuesday. Arrivals were pegged at 2,000 bags (1 bag = 65 kg), compared with 1,500 bags on Tuesday.
* CORIANDER futures closed higher following reports of a drop in acreage in the ongoing rabi season. However, prices in spot market declined due to lack of strong demand.
* In Ramganj, a key trading centre, the Badami variety was sold at 9,000 rupees per 100 kg and the eagle variety at 9,500 rupees, both down 100-150 rupees from Tuesday.
* JEERA futures ended lower due to higher arrivals in the Unjha market and lack of strong demand. In Unjha, the benchmark market arrivals were estimated at 10,000 bags (1 bag = 55 kg), compared with 8,000 bags on Tuesday, said Vimal Patel, a trader in Unjha.
* However, lower acreage so far in the ongoing rabi season limited the downside. Acreage of jeera in Gujarat, the top producer, was at 237,866 ha in the 2021-22 (Jul-Jun) season as of Monday, much lower than the 381,055 ha a year ago, according to the state’s farm department.
* Prices of CHILLI in the benchmark market in Guntur, Andhra Pradesh, remained steady today after a recent surge, said Ashok Dattani, a trader in Mumbai.
* The Teja variety was sold at 16,500 rupees per 100 kg, while the LCA-334 variety was at 15,000 rupees. Today, arrivals were also steady at 60,000 bags (1 bag = 40 kg), of which around 10,000 bags were of the new crop.
* Chilli prices rose nearly 1,000 rupees in last couple of days due to speculative buying by local stockists in anticipation of crop loss due to recent rains.
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 Thursday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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