Informist, Tuesday, Jan 31, 2023
By Afra Abubacker
MUMBAI – Futures contracts of most spices on the National Commodity and Derivatives Exchange rose today due to improved demand. Concerns over crop conditions amid falling acreage further supported prices. Meanwhile, prices of chilli in the benchmark market of Guntur, Andhra Pradesh, fell due to weak demand amid high supply, traders said.
* JEERA contracts rose on the domestic bourse due to improved domestic and export demand, traders said. Concerns over crop conditions in Gujarat, a key producer, amid lower carryover stock and a drop in acreage also supported prices.
* Additionally, a fall in jeera production in Syria and Turkey has improved demand prospects for Indian jeera from West Asia during Ramadan in March.
* Prices in the key wholesale market of Unjha, Gujarat, were up 200-300 rupees at 31,700-31,850 rupees per 100 kg, traders said.
* The most-active March contract was at 32,370 rupees per 100 kg, up 2% from the previous close.
* CORIANDER contracts rose on the local bourse because of improved demand in domestic markets. Concerns over yield due to excess cold conditions in Rajasthan, a key grower, also supported prices.
* However, the outlook for the spice in coming days is weak due to higher acreage and sufficient supply, analysts said.
* The most-active April contract was at 7,876 rupees per 100 kg, up 1.2% from the previous close.
* TURMERIC contracts rose on the bourse as market participants increased their long positions on the domestic bourse despite high local supply, an analyst said.
* The most-active April contract was at 7,342 rupees per 100 kg, up 1% from the previous close. Earlier today, the contract hit an over one year low of 7,180 rupees per 100 kg. Open interest rose by 75 lots to 13,415 lots.
* Prices of CHILLI fell in the benchmark market of Guntur due to weak domestic and overseas demand amid rising supply, traders said.
* The Teja variety was sold at 19,000 rupees per 100 kg, down by 1,000 rupees from the previous session. Prices of the LCA-334 variety were down by 5,000 rupees and was sold at 19,000 rupees per 100 kg. Arrivals were at 100,000 bags (1 bag = 40 kg), traders said.
* Following are the most-active contracts of spices as of 1730 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Wednesday:
End
Edited by Tanima Banerjee
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