Informist, Wednesday, Dec 1, 2021
By Kavita Desai
MUMBAI – Futures contracts of spices ended lower on the domestic exchanges today, largely due to weak overseas demand, said market participants.
* CORIANDER futures on the National Commodity and Derivatives Exchange ended sharply lower on lack of strong demand from domestic stockists. According to Spices Board India exports of coriander during Apr-Sep fell 13% on year at 24,459 tn, which also weighed on prices.
* In Kota market, coriander prices remained steady on lack of strong cues. Arrivals in Kota, Baran and Ramganj markets were pegged at 3,500 bags (1 bag = 45 kg), compared with 4,000 bags on Tuesday. The badami variety was sold at 8,600 rupees per 100 kg and the eagle variety at 8,900 rupees.
* JEERA futures ended lower due to tepid exports and profit booking after posting gains for last two sessions. However, lower acreage under the spice in the ongoing rabi season limited the fall, said Pawan Agarwal, a trader in Unjha.
* Acreage of jeera in Gujarat, the top producer, was at 171,459 ha in the 2021-22 (Jul-Jun) season as of Monday, lower than the 302,637 ha sown in the same period last year, according to the state’s farm department.
* The most-active December contract of TURMERIC ended lower due to tepid demand and a slight rise in arrivals. Exports of turmeric from India during Apr-Sep declined 26% on year to 77,245 tn, according to data from the Spices Board India.
* In Telangana’s Nizamabad market, the bulb variety and the finger variety were sold at 7,400 rupees per 100 kg and 7,000 rupees per 100 kg, respectively, both steady from Tuesday. Arrivals were slightly higher at 1,700 bags (1 bag = 65 kg), compared with 1,400 bags on Tuesday, said traders.
* Prices of the LCA-334 variety of CHILLI in Guntur, the benchmark market, rose today due to firm demand and reports of crop damage because of the recent rainfall in the key growing districts, said Ashok Dattani, a trader in Mumbai.
* In Guntur, the LCA-334 variety was quoted at 11,000-12,800 rupees per 100 kg, up 300 rupees from Tuesday. The Teja variety was steady at 13,000-14,500 rupees per 100 kg.
* Arrivals were pegged at 40,000 bags (1 bag = 40 kg), compared with 50,000 bags on Tuesday. Fall in supply also supported chilli prices, said Dattani.
Following are the prices of the most active contracts of spices at 1700 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Thursday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Arshad Hussain
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