Informist, Tuesday, Jan 18, 2022
By Kavita Desai
MUMBAI – Futures contracts of all spices, barring jeera, ended lower on domestic exchanges today. Prices of chilli remained steady in Guntur, said market participants.
* JEERA futures on the National Commodity and Derivatives Exchange ended 1% higher, tracking prices in the benchmark Unjha market and because of a lower production estimate for the 2021-22 (Jul-Jun) season, said Rajendra Mittal, a local trader.
* In Unjha, arrivals were lower at 5,000 bags (1 bag = 55 kg), compared with 8,000 bags on Monday, which also supported prices. Exchange-quality jeera was sold at 18,000-18,100 rupees per 100 kg, up 100 rupees from Monday.
* Jeera output in Gujarat, the top producer, in 2021-22 was pegged at 236,980 tn, sharply lower than 399,390 tn a year ago, according to the state farm department’s second advance estimate.
* “Demand for the spice has slowed down due to recent surge in prices. Bulk buyers are making purchases only for immediate requirement,” said Mittal.
* CORIANDER futures ended lower due to lack of strong demand and a slight rise in arrivals, said Satyanarayan Gupta, a trader in Kota.
* In Kota, a key trading centre, the Badami variety was sold at 9,300 rupees per 100 kg and the eagle variety at 9,600 rupees, both steady from Monday. Arrivals at Kota, Baran, and Ramganj markets were pegged at 8,000 bags (1 bag = 45 kg), compared with 7,000 bags on Monday.
* TURMERIC contracts ended lower due to profit booking and expectations of a rise in new crop arrivals.
* Prices of CHILLI in the benchmark market of Guntur, Andhra Pradesh, remained steady today. The new crop of Teja variety in Guntur was quoted at 15,000 rupees per 100 kg, while the price of the LCA-334 variety from cold storages was 16,000 rupees. Today, arrivals were also steady at 20,000 bags (1 bag = 40 kg).
* Prices of chilli may fall in the near term, as arrivals of the new crop are expected to rise in the coming weeks. Demand from domestic and overseas buyers is currently weak as they wait for better quality crop, said traders.
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 Wednesday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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