Informist, Tuesday, Nov 2, 2021
By Kavita Desai
MUMBAI – Futures contracts of most spices, barring coriander, ended higher on domestic exchanges today.
* Futures contracts of CORIANDER on the National Commodity and Derivatives Exchange settled lower due to lack of cues from spot markets as they are shut this week for Diwali.
* JEERA contracts gained marginally due to likely fall in acreage. Farmers may opt for alternative crops such as isabgol and mustard for lucrative returns, said Pawan Agarwal, a trader in Unjha, Gujarat.
* The sowing of jeera for the new season has just started in Gujarat, and will gather pace after Diwali, said Agarwal.
* Market participants will keep a close watch on rabi sowing data from Gujarat and Rajasthan, the key producer of jeera and coriander.
* TURMERIC contracts closed higher due to a rise in demand from domestic buyers ahead of festivals. However, expectation of higher production in the 2021-22 (Jul-Jun) season and huge carryover stocks capped a major upside, said traders.
* The prices of Teja variety of CHILLI in the benchmark market in Guntur, Andhra Pradesh, fell due to sluggish demand from bulk buyers and expectation of a bumper crop in 2021-22 (Jul-Jun) season owing to favourable weather, said Ashok Dattani, an exporter in Mumbai.
* The Teja variety was sold at 12,500 rupees per 100 kg, down by 100-200 rupees from Monday. The LCA-334 variety was steady at 10,500-11,300 rupees. The arrivals in Guntur were pegged at 70,000 bags (1 bag = 40 kg), compared with 100,000 bags on Monday.
* Prices are expected to decline further going ahead due to supply pressure and ample carry forward stocks, traders said.
Following are the prices of the most active contracts of spices at 1700 IST:
| Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
| Coriander Dec | NCDEX | 100 | 8,240 | (-) 14 |
| Jeera Dec | NCDEX | 100 | 15,400 | 50 |
| Turmeric Dec | NCDEX | 100 | 7,572 | 64 |
* Following are the expected support and resistance levels for contracts of spices for trade on Wednesday:
CONTRACT | SUPPORT (rupees) | RESISTANCE (rupees) |
Coriander | 7,500 | 8,600 |
Jeera | 14,600 | 15,600 |
Turmeric | 6,900 | 7,800 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
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