Informist, Wednesday, Dec 22, 2021
By Kavita Desai
MUMBAI – Futures contracts of spices ended lower on the domestic exchanges today. Chilli prices in Guntur, Andhra Pradesh, fell on expectations of rise in arrivals, said market participants.
* CORIANDER contracts closed lower on the National Commodity and Derivatives Exchange tracking spot markets where lack of strong demand weighed on prices, 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 down 100 rupees from Tuesday. Arrivals at Kota, Baran, and Ramganj markets were almost steady at 6,000 bags (1 bag = 45 kg).
* TURMERIC contracts closed lower due to sluggish demand and on likely start of new crop arrivals from coming week, said Vikas Nagla, a trader in Nizamabad.
* Demand from bulk buyers remained weak as they are waiting for fresh crop to hit the market, said Nagla.
* JEERA futures also fell due to profit booking by investors and rise in arrivals. The most active January contract hit a four-week high of 16,545 rupees on Tuesday.
* In Unjha, arrivals were at 10,000 bags (1 bag = 55 kg), compared with 7,000 bags on Tuesday. Exchange-quality jeera was steady at 16,300 rupees per 100 kg, said Mahesh Yadav, a trader in Unjha.
* Prices of CHILLI fell in the benchmark market of Guntur, Andhra Pradesh, on expectations of rise in arrivals of new crop in the coming weeks and due to lack of strong demand, said Satish Degala, a local trader.
* The Teja variety was sold at 16,000 rupees per 100 kg and the LCA-334 variety at 15,000 rupees, both down 500 rupees from Tuesday. Today, arrivals were pegged at 150,000 bags (1 bag = 40 kg), compared with 130,000 bags the previous day. Of the total quantity, around 30,000 bags were of the new crop.
* Bulk buyers are waiting for the peak harvest season, starting mid-January, for major purchases, said traders.
Following are the prices of the most active contracts of spices as of 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 Ashish Shirke
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