India Spices: End down; coriander, turmeric slip on profit booking

Informist, Tuesday, May 31, 2022

By Kavita Desai

MUMBAI – Futures contracts of spices on domestic exchanges ended lower today.

* CORIANDER and TURMERIC futures on the National Commodity and Derivatives Exchange closed lower due to profit booking after gaining in the last two-three sessions.

* However, spot prices of coriander in Ramganj gained due to improvement in demand from local stockists and masala manufacturers, said local trader Giriraj Gupta.

* In Ramganj, Rajasthan the badami variety was sold at 12,000 rupees per 100 kg and the eagle variety at 12,500 rupees, both up by 100 rupees from Saturday. Arrivals were pegged steady at 3,000 bags (1 bag = 45 kg). Ramganj market was shut on Monday due to Amavasya.

* JEERA futures ended lower due to a slight increase in arrivals and sluggish demand from overseas buyers, said Siyaram Patel, a trader in Unjha.

* India’s jeera exports declined 24.5% on year to 173,796 tn during Apr-Dec, according to data from the Spices Board India.

* Exchange-quality jeera in the benchmark market of Unjha in Gujarat was sold at 21,500-21,700 rupees per 100 kg, steady from Monday. Arrivals were pegged at 9,000 bags (1 bag = 55 kg), compared with 8,000 bags the previous day.

* Prices of CHILLI in Guntur, Andhra Pradesh, were unavailable as the market is shut till Jun 12 due to peak summer. The chilli market in Guntur remains shut for about a month every summer, as high temperatures make it difficult to handle the pungent spice.

Following are the prices of the most-active contracts of spices as of 1700 IST:

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander JunNCDEX10011,190(-) 132Jeera JunNCDEX10021,195(-) 215Turmeric JunNCDEX1007,944(-) 68

* Following are the expected support and resistance levels for contracts of spices for trade on Wednesday:

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander

10,80011,700

Jeera

21,00021,600

Turmeric

7,5008,200

End

Edited by Michael Correya

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

Source: Cogencis