Informist, Thursday, Mar 3, 2022
By Kavita Desai
MUMBAI – Futures contracts of spices ended higher on the domestic exchanges today. Prices of chilli in Guntur, Andhra Pradesh, remained steady, market participants said.
* JEERA futures ended higher on the National Commodity and Derivatives Exchange tracking the benchmark Unjha market where strong demand from local stockists and lower arrivals supported prices, said Mahesh Yadav, a local trader.
* Exchange-quality jeera in Unjha was sold at 21,900 rupees per 100 kg, up 200 rupees from Wednesday. Arrivals in Unjha were pegged at 11,000 bags (1 bag = 55 kg), compared with 17,000 bags the previous day. Of the total arrivals, around 7,000 bags were of the new crop.
* Lower production estimate for this year also supported prices. Jeera output in Gujarat, the top producer, is pegged at 236,980 tn for 2021-22 (Jul-Jun), sharply lower than 399,390 tn a year ago, according to the state farm department’s second advance estimate.
* CORIANDER contracts gained due to firm demand from domestic buyers and steady arrivals, said Giriraj Gupta, a trader in Kota, Rajasthan.
* Arrivals of coriander in Ramganj were steady at 10,000 bags (1 bag = 45 kg), of which, around 7,000 bags were of new crop. The badami variety was sold for 10,300 rupees per 100 kg and the eagle variety at 10,800 rupees, both steady from Wednesday, said Gupta.
* TURMERIC contract closed 1% higher as production in 2021-22 (Jul-Jun) is expected to decline by 20-25%, owing to a drop in yields following heavy rain in key growing states during Sep-Nov.
* Though it is still too early to estimate the size of the crop, traders expect turmeric production to be 7.0-7.5 mln bags (1 bag = 65 kg), compared with 8.5-9.0 mln bags the previous year.
* Strong export demand ahead of Ramzam also supported prices, said Vikas Nagla, a trader in Nizamabad.
* Despite a rise in arrivals, prices of CHILLI in the benchmark market of Guntur, Andhra Pradesh, remained steady today due to firm demand, said Satish Degala, a local trader.
* The Teja variety was sold at 17,500 rupees per 100 kg and the LCA-334 variety at 17,300 rupees. Arrivals were pegged at 130,000 bags (1 bag = 40 kg), up from 75,000 bags on Wednesday.
* Demand from local stockists has picked up ahead of Holi festival, said Degala, adding that demand from Thailand and Sri Lanka is also firm.
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 Maheswaran Parameswaran
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