Informist, Tuesday, Feb 15, 2022
By Kavita Desai
MUMBAI – Futures contracts of spices on domestic exchanges ended lower today. Chilli prices in Guntur, Andhra Pradesh, declined for the second straight day, market participants said.
* JEERA and CORIANDER futures on the National Commodity and Derivatives Exchange ended down over 1% due to profit booking by investors after a recent surge in prices.
* The most-active March contract of jeera had hit a high of 21,440 rupees per 100 kg on Monday, the highest level since January 2018. The most-active April coriander contract had hit a high of 11,300 rupees per 100 kg on Monday, the highest since October 2015.
* Coriander prices also declined tracking Kota market in Rajasthan. The badami variety was sold at 10,100 rupees per 100 kg and the eagle variety at 10,400 rupees, both 100 rupees down from Monday, said Kota-based trader Satyanarayan Gupta.
* TURMERIC futures ended lower tracking spot prices in Telangana’s Nizamabad market and due to sluggish demand from bulk buyers, said Vikas Nagla, a trader in Nizamabad, Telangana.
* In Nizamabad, the benchmark market, the new crop finger variety was quoted at 7,400-7,800 rupees per 100 kg, while the bulb variety was sold at 6,800-7,200 rupees per 100 kg, both down by 200 rupees from Monday. Arrivals were pegged at 18,000 bags (1 bag = 65 kg) today compared with 30,000 bags on previous day.
* Prices of CHILLI in the benchmark market of Guntur, Andhra Pradesh, declined for the second straight day due to supply pressure and tepid demand from bulk buyers, said Satish Degala, a local trader.
* The Teja variety was quoted within the range of 15,000-17,500 rupees per 100 kg, and the LCA-334 variety was sold at 15,000-18,000 rupees, both down 200-300 rupees from Monday. The arrivals were pegged steady at 100,000 bags (1 bag = 40 kg).
* The prices are likely to trade with a negative bias as arrivals of the new crop are seen gaining pace in the coming weeks amid tepid demand from domestic and overseas buyers, 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 Wednesday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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