Informist, Friday, May 20, 2022
By Kavita Desai
MUMBAI – Futures contracts of most spices ended higher on the domestic exchanges today. Spot chilli prices were unavailable, as the benchmark market in Guntur, Andhra Pradesh, was closed.
* JEERA futures ended higher on the National Commodity and Derivatives Exchange due to lower arrivals in the benchmark market of Unjha in Gujarat. Lower production estimates also supported prices, said Krunal Shah, a trader in Unjha.
* A slowdown in local and overseas demand, however, capped the upside in prices.
* Traders expect jeera production in the ongoing 2021-22 (Jul-Jun) season at 5.0-6.0 mln bags (1 bag = 55 kg), compared with 8.0-8.5 mln bags the previous year.
* CORIANDER futures gained due to short covering by investors after a recent fall in prices. The most-active June contract on the NCDEX hit a two-week low of 11,210 rupees on Thursday.
* Spot prices remained steady due to lack of strong demand. In Ramganj, the badami variety was sold at 12,400 rupees per 100 kg, and the eagle variety at 12,900 rupees, both steady from Thursday. Arrivals were almost steady at 3,000 bags (1 bag = 45 kg), local trader Giriraj Gupta said.
* TURMERIC futures ended higher due to lower arrivals. However, sluggish demand from domestic and overseas buyers capped any major upside, traders said.
* Prices of CHILLI were unavailable in Guntur, Andhra Pradesh, as the market is shut till Jun 12 due to peak summer. The chilli market in Guntur remains shut for about a month in summer every year as it becomes difficult to handle the pungent spice.
Following are 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 Monday:
End
Edited by Vidhi Verma
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Source: Cogencis
