Informist, Tuesday, Mar 22, 2022
By Kavita Desai
MUMBAI – Futures contracts of most spices ended higher today on the domestic exchanges. Prices of the Teja variety of chilli in Guntur, Andhra Pradesh, declined due to tepid demand, said market participants.
* Futures contracts of CORIANDER and JEERA ended higher on the National Commodity and Derivatives Exchange tracking spot markets, where a slight decline in arrivals supported prices.
* Firm demand from local stockists and masala manufactures also pushed prices higher.
* In Rajasthan’s Ramganj market, the badami variety of coriander was sold at 11,200 rupees per 100 kg and the eagle variety at 11,800 rupees, both up 200 rupees from Monday. Arrivals were pegged at 30,000 bags (1 bag = 45 kg), compared with 35,000 bags the previous day.
* In the benchmark market of Unjha, Gujarat, exchange-quality jeera was at 21,500 rupees per 100 kg, up 200 rupees from Monday. Arrivals were pegged at 22,000 bags (1 bag = 55 kg), compared with 25,000 bags on previous day.
* TURMERIC futures on domestic bourse rose due to fall in arrivals. In Telangana’s benchmark Nizamabad market arrivals were pegged at around 25,000 bags (1 bag = 65 kg) today compared with 45,000 bags on Monday, said Vikas Nagla, a local trader.
* The turmeric market in Erode, Tamil Nadu, was shut today due to a local festival. The market will resume trade from Wednesday, said traders.
* Prices of Teja variety of CHILLI in the benchmark market of Guntur, Andhra Pradesh, fell today due to tepid demand from bulk buyers, said Satish Degala, a local trader.
The Teja variety in Guntur was sold at 17,200 rupees per 100 kg, down 300 rupees from Monday. The LCA-334 variety was steady at 18,000 rupees per 100 kg. Arrivals were pegged at 100,000 bags (1 bag = 40 kg), compared with 150,000 bags the previous day.
Currently, export demand for the new Teja variety crop is sluggish because of poor quality. Domestic demand has also slowed as stockists are not actively buying because of quality issues, said Degala.
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
Edited by Pranav S. Joshi
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Source: Cogencis
