Informist, Friday, Dec 16, 2022
By Afra Abubacker
MUMBAI – Futures contracts of turmeric, jeera and coriander fell today on the National Commodities and Derivatives Exchange due to profit booking. Prices of chilli in the benchmark market of Guntur, Andhra Pradesh, fell marginally due to subdued domestic and overseas demand.
* TURMERIC contracts fell today on the domestic bourse as market participants booked profit. The most active April contract fell today reversing the four-day uptrend after hitting a high of 8,490 rupees per 100 kg.
* The contract ended down at 8,298 rupees per 100 kg, down 1.4% from the previous close. However, near-term outlook for turmeric is positive due to improved demand from spice makers and weak production outlook.
* Futures contracts of JEERA fell further today as traders booked profit, said Ravish Kumar Pandey, a senior analyst in SMC broking firm.
* Jeera arrivals are likely to increase at Unjha in Gujarat and Kota in Rajasthan as high prices may prompt stockists to offload their inventory. They will also look to clear their stocks before the fresh crop arrives in February, Pandey said.
* CORIANDER contracts fell today on the domestic bourse because of tepid demand amid higher acreage. Favourable weather conditions and better prospects in terms of crop yield will put further pressure on prices.
* Prices of CHILLI fell marginally at Guntur in Andhra Pradesh because of weak demand, said traders.
* Today, the Teja variety was sold at 21,500 rupees per 100 kg, down by 1,500 rupees from Thursday. The LCA-334 variety was steady at 27,000 rupees per 100 kg. Arrivals were pegged at 30,000 bags (1 bag = 40 kg), said traders.
Following are the prices of the most active contracts of spices as of 1800 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Monday:
End
Edited by Akul Nishant Akhoury
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