India Spices: Mixed; turmeric up on export demand, smaller crop view

Monday, Jan 11, 2021


By Kavita Desai


MUMBAI – Futures contracts of spices on domestic exchanges ended on a mixed note today. Turmeric was among the top gainers with higher export demand supporting prices, market participants said.


* JEERA contracts on the National Commodity and Derivatives Exchange closed higher today owing to limited supply in the market as the end of the season approaches.


* However, the outlook is weak due to sluggish demand 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. 


* The most active January CORIANDER contract closed lower due to subdued demand from bulk buyers.


TURMERIC futures ended higher due to a pickup in demand from overseas buyers and forecast of a smaller crop in the current 2020-21 (Jul-Jun) season, said Nizamabad-based trader Amrutlal Kataria.


* In Nizamabad, the bulb variety was sold at 5,600 rupees per 100 kg and the finger variety at 6,100 rupees, both up 100 rupees from Friday.


* Meanwhile, demand from domestic bulk buyers is expected to rise from next month when the quality of the new crop improves.


MENTHA OIL contracts on the Multi Commodity Exchange of India settled lower due to subdued demand from domestic and overseas buyers, said traders.


* Prices of CHILLI in Guntur, the benchmark market, remained steady today. But after Makar Sankranti, when the peak harvest season begins, supply of the new crop is likely to weigh on prices, said Jugraj Bhandari, a trader in Guntur.


* Today, the teja variety was sold at 13,000-15,500 rupees per 100 kg and the LCA-334 variety at 11,000-11,500 rupees. Arrivals were steady at 60,000 bags (1 bag = 40 kg). Of the total arrivals, around 20,000 bags were of the new crop.


* Arrivals of the new crop are expected to gradually pick up pace during the peak harvest season starting mid-January.


* In Guntur, daily new crop arrivals are currently in a range of 15,000-25,000 bags. These are expected to rise to 30,000-40,000 bags after Makar Sankranti. In February, arrivals are expected to rise further to 90,000-100,000 bags daily, traders said. 


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







Change (rupees)

Coriander Jan



5,706(-) 38

Jeera Jan




Turmeric Apr




Mentha oil Jan



986.2(-) 10

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












Mentha oil 












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


Edited by Avishek Dutta


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