Back

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:

Contract

Exchange

Unit

(kg)

Price

(rupees)

Change (rupees)

Coriander Jan

NCDEX

100

5,706(-) 38

Jeera Jan

NCDEX

100

12,785105

Turmeric Apr

NCDEX

100

6,218198

Mentha oil Jan

MCX

1

986.2(-) 10


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

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 […]