Informist, Tuesday, Oct 11, 2022
By Rahul Dhuri
MUMBAI – Futures contracts of all spices except jeera rose on domestic exchanges today due to higher demand from domestic and overseas buyers. Prices of chilli were largely unchanged at Guntur in Andhra Pradesh, market participants said.
* Futures contracts of CORIANDER on the National Commodity and Derivatives Exchange hit a three-month high of 12,142 rupees per 100 kg on the NCDEX due to rising demand from domestic and overseas buyers.
* Shrinking arrivals in northern India further supported coriander prices. Untimely rainfall in north India has affected the pace of arrivals adversely, said SMC Global Securities in a report.
* Futures contracts of JEERA were down on the domestic bourse today as investors booked profits after a recent surge in prices. However, the near-term outlook for the commodity remains firm due to expectations of higher demand from domestic and overseas buyers.
* Export demand will drive prices higher as India is one of the major producers of jeera globally.
* Arrivals in physical markets fell to 1,900 tn last week from over 2,300 tn the week before, as per Agmarknet data.
* Futures contracts of TURMERIC on NCDEX extended gains from Monday due to a rise in demand during the festival season. Improved demand from domestic spice makers and stockists supported the uptrend in turmeric prices, market participants said.
* A decline in arrivals in the major spot markets further supported the sentiment.
* Turmeric arrivals declined last week to 2,000 tn compared with 3,350 tn the week before, as per Agmarknet data.
* Prices of CHILLI were flat in the benchmark market of Guntur as arrivals were sufficient to meet the demand from domestic buyers. Today, the Teja variety was sold for 23,500 rupees per 100 kg and the LCA-334 variety at 24,500 rupees, both unchanged from the previous day, market participants said.
* Arrivals were pegged at 60,000 bags (1 bag = 40 kg), also steady from the previous day. However, the near-term outlook for chilli remains weak due to a fall in demand from overseas buyers and domestic spice makers, traders said.
Following are the prices of the most active contracts of spices as of 1745 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Wednesday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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