Informist, Monday, Oct 25, 2021
By Kavita Desai
MUMBAI – Futures contracts of spices ended higher on domestic exchanges today due to improved demand ahead of festival, said market participants.
* Futures contracts of CORIANDER on the National Commodity and Derivatives Exchange closed higher, with the November contract hitting a two-month high of 8,450 rupees per 100 kg today, due to improved demand from domestic buyers ahead of festivals, said Satyanarayan Gupta, a trader in Kota.
* In Kota, a key trading centre, the Badami variety was sold at 8,100 rupees per 100 kg and the eagle variety at 8,400 rupees, both up 100-150 rupees from Saturday. Arrivals in Kota, Baran and Ramganj markets were pegged at 7,000 bags (1 bag = 45 kg), compared with 5,000 bags on Saturday.
* The most active November TURMERIC contract ended marginally higher due to steady demand. However, higher production estimate for the 2021-22 (Jul-Jun) season and huge carryover stocks capped the upside, said traders.
* JEERA futures also ended in the green, with the most active November contact hitting a two-month high of 15,125 rupees per 100 kg on improved demand from domestic stockists, said Mahesh Yadav, a trader in Unjha.
* In Unjha, around 14,000 bags (1 bag = 55 kg) were brought for auction, higher than 10,000 bags on Saturday. The exchange-quality
jeera was sold at 14,700-14,800 rupees per 100 kg, up 100 rupees from Saturday.
* CHILLI prices at the benchmark market in Guntur, Andhra Pradesh, were sharply down today due to higher arrivals and sluggish demand from bulk buyers, said Satish Degala, a local trader.
* The Teja variety was sold at 13,800 rupees per 100 kg, down 500 rupees from Friday, and the LCA-334 variety at 10,700-10,800 rupees, down 400 rupees from previous day. Arrivals in Guntur were pegged at 200,000 bags (1 bag = 40 kg), compared with 80,000 bags on Friday.
* Prices are expected to further decline on expectations of a bigger crop in Andhra Pradesh and Madhya Pradesh, said Degala.
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 Maheswaran Parameswaran
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