Informist, Friday, Sep 30, 2022
By Rahul Dhuri
MUMBAI – Futures contracts of all spices rose on domestic exchanges today. Prices of chilli were largely unchanged at Guntur in Andhra Pradesh, participants said.
* Futures contracts of CORIANDER on the National Commodity and Derivatives Exchange recouped early loses and rose as rising demand supported a firm near-term outlook for the commodity.
* Coriander exports are seen rising because of improved demand from Russia, Syria, and other countries. A rise in domestic demand from spice makers is also seen supporting the uptrend, analysts said.
* Futures contracts of JEERA on NCDEX rose today due to a rise in demand, analysts said.
* Disruption in global supply in the wake of lower production in Syria and Turkey will lead to buyers securing jeera from India. Active buying by domestic spice makers due to likely tight supply is also seen supporting jeera prices, SMC Global said in its report.
* Futures contracts of TURMERIC rose marginally on NCDEX in hope of a rise in demand during the festival season. Tight supply is seen supporting turmeric prices in the physical market, market participants said.
* However, improved production outlook capped sharp gains in turmeric prices. Sowing in Telangana and Andhra Pradesh is progressing well.
* Prices of CHILLI in the benchmark market of Guntur were flat as arrivals were sufficient to meet demand. The near-term outlook for chilli remains weak due to a fall in demand from overseas buyers and domestic spice makers, said Satish Degala, a trader in Guntur.
* Today, the Teja variety was sold at 23,500 rupees per 100 kg and the LCA-334 variety at 24,500 rupees, both unchanged from the previous day. Arrivals were pegged at 70,000 bags (1 bag = 40 kg), also steady from the previous day.
Following are the prices of the most active contracts of spices as of 1645 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Monday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Manisha Baxla
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