Informist, Wednesday, Feb 23, 2022
By Kavita Desai
MUMBAI – The futures contracts of most spices, barring coriander, ended lower on domestic exchanges today. The prices of chilli in Guntur, Andhra Pradesh, remained steady, market participants said.
* JEERA futures on the National Commodity and Derivatives Exchange gave up early gains and ended lower due to profit booking by investors after a surge in prices. The most active March jeera contract had hit a record high of 22,585 rupees per 100 kg earlier today.
* Meanwhile, prices in the benchmark Unjha market in Gujarat were steady today. Exchange-quality jeera was sold at 22,000 rupees per 100 kg. The arrivals in Unjha were pegged at 13,000 bags (1 bag = 55 kg), compared with 15,000 bags on the previous day. Of the total arrivals, around 3,000 bags were of the new crop, said Pawan Agarwal, a local trader.
* The prices of coriander in Rajasthan’s Ramganj market remained steady today. The badami variety was sold at 10,500 rupees per 100 kg and the eagle variety at 11,000 rupees. The arrivals in the Ramganj market were almost steady at 8,000 bags (1 bag = 45 kg).
* CORIANDER contracts gained tracking Rajasthan’s Ramganj market where firm demand supported prices, said a Ramganj-based trader Giriraj Gupta.
* Demand from local stockists is expected to remain firm due to lower output estimates in the 2021-22 (Oct-Sep) season as farmers have shifted to other crops on account of lower returns last season.
* In Ramganj, the badami variety was sold at 10,600 rupees per 100 kg and the eagle variety at 11,200 rupees, both 200 rupees higher from Tuesday. Arrivals were pegged steady at 6,500 bags (1 bag = 45 kg). Of the total quantity, around 1,500 bags were of the new crop.
* TURMERIC futures ended lower tracking Telangana’s Nizamabad market amid lack of strong demand from bulk buyers, said Vikas Nagla, a local trader.
* In Telangana, the finger variety was quoted at 7,500-8,100 rupees per 100 kg, and the bulb variety was sold at 6,600-6,900 rupees, both down 100 rupees from the previous day. The arrivals were pegged at 10,000 bags (1 bag = 65 kg), compared with 12,000 bags on Tuesday.
* Prices of CHILLI in the benchmark market of Guntur, Andhra Pradesh, remained steady for the third straight day, said Satish Degala, a local trader.
* The Teja variety was quoted at 17,200 rupees per 100 kg, while the LCA-334 variety was sold at 17,000 rupees. Arrivals were also steady at 80,000 bags (1 bag = 40 kg).
* Prices are likely to remain steady with a negative bias due to lack of demand from bulk buyers. Exports are currently muted and local stockists are also making limited purchases as per their requirements, said Degala.
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 Thursday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
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