Tuesday, Jan 12, 2021
By Kavita Desai
MUMBAI – Futures contracts of spices on domestic exchanges ended on a mixed note today.
* CORIANDER contracts on the National Commodity and Derivatives Exchange closed lower due to forecast of a bigger crop in Gujarat and lack of strong demand from domestic buyers.
* Coriander production in Gujarat, among the key producers, is likely to rise 55% to 216,680 tn in 2020-21 (Jul-Jun) due to a sharp increase in acreage, according to the state farm department's second advance estimate.
* In Ramganj, a key trading centre in Rajasthan, prices were steady. The badami variety was sold at 6,500 rupees per 100 kg and the eagle variety at 6,800 rupees. Arrivals in Ramganj were also steady at 2,000 bags (1 bag = 45 kg), traders said.
* JEERA contract closed lower due to subdued export demand. "Export demand remains weak as stockists await arrivals of the new crop. The new crop is expected to hit spot markets in February," said Vimal Patel, a trader in Unjha, Gujarat.
* TURMERIC futures ended higher due to a pickup in demand from overseas buyers and forecast of a smaller crop in the 2020-21 (Jul-Jun) season, said Nizamabad-based trader Amrutlal Kataria.
* Meanwhile, demand from domestic bulk buyers is expected to rise from next month, when the quality of the new crop improves, said traders.
* MENTHA OIL contracts on the Multi Commodity Exchange of India settled marginally higher due to short covering.
* Prices of CHILLI in Guntur, the benchmark market, rose today as demand from bulk buyers was firm ahead of Makar Sankranti and Pongal, said local trader Devkishan Maheshwari.
* The market in Guntur will be shut from Wednesday on account of Makar Sankranti, and trade will resume only on Monday.
* Today, the teja variety of chilli was sold at 15,500 rupees per 100 kg and the LCA-334 variety at 12,000 rupees, both up 200 rupees from Monday. Arrivals were pegged at 40,000 bags (1 bag = 40 kg), lower than 60,000 bags on Monday, which also supported prices. Of the total arrivals, around 20,000 bags were of the new crop.
Following are prices of the most-active contracts of spices at 1700 IST:
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Jan | NCDEX | 100 | 5,676 | (-) 28 |
Jeera Jan | NCDEX | 100 | 12,790 | (-) 10 |
Turmeric Apr | NCDEX | 100 | 6,200 | 2 |
Mentha oil Jan | MCX | 1 | 990 | 0.6 |
* Following are the expected support and resistance levels for contracts of spices for trade on Wednesday.
CONTRACT | SUPPORT (rupees) | RESISTANCE (rupees) |
Coriander | 5,500 | 6,000 |
Jeera | 12,200 | 12,900 |
Turmeric | 5,800 | 6,350 |
Mentha oil | 978 | 1,028 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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This copy was first published on the Cogencis WorkStation
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