Back

India Spices: Mixed; coriander down as crop in Gujarat seen bigger

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

6,2002

Mentha oil Jan

MCX

1

9900.6


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

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

5,5006,000

Jeera

12,20012,900

Turmeric

5,8006,350

Mentha oil 

9781,028

 

 

 

 

 

 

 

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

Cogencis Tel +91 (22) 6619-0000

Send comments to feedback@cogencis.com

This copy was first published on the Cogencis WorkStation

© Cogencis Information Services Ltd. 2021. All rights reserved.

Other News

Cement cos to hike price by 30-40 rupee in south India on input costs

Informist, Friday, Feb 26, 2021 –Dealers: Cement cos price hike on high input costs, strong demand–Sagar Cements, NCL Industries, Orient Cement to hike prices–Cement cos to hike prices by 30-40 rupees/bag in Karnataka–Cement cos to hike prices by 30-40 rupees/bag in Tamil Nadu–Cement cos to hike price by 30-40 rupees/bag in Telangana–Cement cos to hike price […]

SEBI Watch: NSE must improve its communication policy

Informist, Friday, Feb 26, 2021 By Krishnadevan Vijayaraghavan and Rajesh Gajra Glitches are common while conducting financial transactions, and a stock exchange having one is not new either. It is the response to a glitch, both in its acknowledgement and communication, which shapes user experience and credibility. There was much to be desired from the way National Stock Exchange […]

Vedanta cuts prices of aluminium ingots after 7 hikes in a row

Informist, Friday, Feb 26, 2021 By Nikita Periwal MUMBAI – Vedanta Ltd has cut prices of its aluminium ingots by 1,750 rupees per tn, or around 1%, with effect from Wednesday. The company has cut prices after raising them seven times in a row, trade sources told Informist. Following the latest price revision, the company is selling ingots at 178,000-191,000 rupees per […]