Informist, Wednesday, Jun 15, 2022
By Kavita Desai
MUMBAI – Futures contracts of spices closed higher on the domestic exchanges today. Prices of chilli rose in the benchmark market of Guntur in Andhra Pradesh for the second straight day, market participants said.
* CHILLI prices in Guntur extended gains due to strong demand from domestic stockists as the market resumed operations after a month-long break, said Ashok Jain, a local trader.
* Enquiries from Sri Lanka, Bangladesh, and Malaysia for premium quality spice, coupled with steady arrivals, also supported prices, Jain said.
* In Guntur, the Teja variety was sold at 21,000 rupees per 100 kg, up by 500 rupees from Tuesday. The LCA-334 variety was quoted at 22,000 rupees, up 1,000 rupees from the previous day. Today, arrivals were steady at 50,000 bags (1 bag = 40 kg), of which around 40,000 bags arrived from cold storages.
* JEERA futures closed higher on the National Commodity and Derivatives Exchange due to fall in arrivals in Gujarat’s Unjha market and firm demand from local and overseas buyers, said Siyaram Patel, a local trader.
* In the benchmark market Unjha, the price of exchange-quality jeera was steady at 21,800-22,000 rupees per 100 kg. Arrivals were pegged at 6,000 bags (1 bag = 55 kg), compared with 7,000 bags on Tuesday.
* CORIANDER contracts also ended higher due to waning arrivals in the spot markets and lower output estimates for the 2021-22 (Jul-Jun) season.
* In Ramganj, the badami variety was sold at 12,400 rupees per 100 kg and the eagle variety at 12,800 rupees, both steady from Tuesday. Arrivals were also steady at 2,000 bags (1 bag = 45 kg).
* TURMERIC futures closed marginally higher due to steady demand from domestic buyers. In Nizamabad, the bulb and the finger varieties were sold at 6,300-6,600 rupees per 100 kg and 7,000-7,200 rupees, respectively, both steady from Tuesday. Arrivals were pegged at 2,000 bags (1 bag = 65 kg), almost steady from the previous day.
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
Edited by Manisha Baxla
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Source: Cogencis
