Informist, Thursday, Jan 13, 2022
By Kavita Desai
MUMBAI – Futures contracts of spices on domestic exchanges ended lower today. Prices of chilli from the benchmark market in Guntur were unavailable as the market is shut on the occasion of Makar Sankranti. It will resume trade on Monday, said traders.
* CORIANDER and JEERA futures on the National Commodity and Derivatives Exchange ended lower due to profit booking by investors after a sharp rise in prices. Coriander ended at 10,256 rupees per 100 kg, down 172 rupees from Wednesday, while jeera ended at 18,260 rupees per 100 kg, down 215 rupees.
* The most active April coriander contract had hit a high of 10,538 rupees per 100 kg earlier today, its highest level since November 2015. The March jeera contract had hit a high of 18,635 rupees per 100 kg today, its highest level since December 2018.
* Prices of jeera and coriander rose sharply due to lower production estimates for the 2021-22 (Jul-Jun) season, led by a sharp drop in acreage in most producing states. Firm demand from domestic and overseas buyers also supported prices.
* Jeera output in Gujarat, the top producer, in 2021-22 was pegged at 236,980 tn, down from 399,390 tn a year ago, according to the state farm department’s second advance estimate.
* Production of coriander in Gujarat, a key producer, was pegged at 211,680 tn in the ongoing season, down from 221,240 tn a year ago, data showed.
* TURMERIC contracts on domestic bourse ended lower due to sluggish demand and ahead of peak arrivals season, said Amrutlal Kataria, a trader in Nizamabad, Telangana.
* Demand from bulk buyers remained weak due to poor quality of the new crop. New crop arrivals in the Nizamabad market are at around 150 bags (1 bag = 65 kg) daily. Arrivals are likely to surge after Makar Sankranti, when daily supply is expected to rise to 2,000 bags.
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 Namrata Rao
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