Informist, Thursday, Jun 30, 2022
By Kavita Desai
MUMBAI – Futures contracts of spices, barring turmeric, ended higher on domestic exchanges today. Prices of chilli also rose in the benchmark market of Guntur, Andhra Pradesh, market participants said.
* Prices of the LCA-334 variety of chilli rose today in Guntur due to a rise in demand from domestic and overseas buyers, said Ashok Jain, a local trader.
* The Teja variety was steady at 22,000 rupees per 100 kg, while the LCA-334 variety was sold at 26,000 rupees, up 500 rupees from Wednesday. Arrivals were almost steady at 70,000 bags (1 bag = 40 kg).
* Lower output estimate and lesser availability of premium quality of chilli in the market also supported prices. Torrential rains in Andhra Pradesh, Telangana, and Karnataka damaged the standing crop last year, leading to a lower yield. The quality of the crop has also been hit due to pest attacks.
* JEERA futures closed higher on the National Commodity and Derivatives Exchange tracking the Unjha market in Gujarat, where firm demand supported prices, said Krunal Shah, a local trader.
* In Unjha, exchange-quality jeera was sold at 22,200 rupees per 100 kg, up 100-200 rupees from Wednesday. Arrivals were pegged at 7,000 bags (1 bag = 55 kg) compared with 5,000 bags on the previous day of trade.
* Demand is expected to remain firm in near-term due to lower crop estimate in the 2021-22 (Jul-Jun) season, said traders.
* CORIANDER contracts also rose due to waning arrivals and steady demand as domestic buyers are making limited purchases, said Giriraj Gupta, a Ramganj-based trader.
* Today, in Ramganj, the key trading centre in Rajasthan, the badami variety was sold at 12,500 rupees per 100 kg and the eagle variety at 13,000 rupees, both steady from Wednesday. Arrivals were pegged at 1,000 bags (1 bag = 45 kg), compared with 2,000 bags on previous day.
* The most active July contract of TURMERIC ended flat today. However, outlook remains weak due to a lack of strong demand for the spice in the spot markets and ahead of sowing, said Amrutlal Kataria, a Nizamabad-based trader.
* Farmers have already started sowing kharif spice in some pockets of Nizamabad in Telangana and around 30% sowing is complete, said Kataria, adding that sowing is expected to gather pace in most producing states.
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 Friday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
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