Informist, Friday, Jun 17, 2022
By Kavita Desai
MUMBAI – Futures contracts of spices on domestic exchanges ended lower today. Prices of chilli in the benchmark market of Guntur in Andhra Pradesh were steady, market participants said.
* CHILLI prices in Guntur remained steady for the second straight day. However, prices are likely to rise in the coming days as demand from local stockists is expected to remain strong, said Ashok Dattani, a Mumbai-based trader.
* In Guntur, the Teja variety was sold at 21,000 rupees per 100 kg, while the LCA-334 variety was quoted at 22,000 rupees, both steady from Thursday. Today, arrivals were steady at 40,000 bags (1 bag = 40 kg), of which around 30,000 bags arrived from cold storages.
* Enquiries from Sri Lanka, Bangladesh and Malaysia for premium quality spice may also support chilli prices.
* JEERA futures on the National Commodity and Derivatives Exchange extended Thursday's losses due to an increase in arrivals in
the Unjha market, said Mahesh Yadav, a local trader.
* However, firm local demand for the premium quality spice limited the downside. Nearly 10,000 bags (1 bag = 55 kg) are being sold on a daily basis in the domestic market.
* In Unjha, the benchmark market in Gujarat, the price of exchange-quality jeera was steady at 21,600-21,800 rupees per 100 kg.
Arrivals were pegged at 10,000 bags (1 bag = 55 kg), compared with 8,000 bags on Thursday.
* CORIANDER contracts ended lower due to lack of strong demand. In Ramganj, the badami variety was sold at 12,400 rupees per 100 kg and the eagle variety at 12,800 rupees, both steady from Thursday. Arrivals were also steady at 2,000 bags (1 bag = 45 kg).
* TURMERIC futures ended lower due to sluggish demand ahead of sowing. Farmers have already started sowing the spice in some pockets of Nizamabad, traders said.
Following are the prices of the most active contracts of spices as of 1700 IST:
| Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
| Coriander Jul | NCDEX | 100 | 11,440 | (-) 2 |
| Jeera Jul | NCDEX | 100 | 21,070 | (-) 155 |
| Turmeric Jul | NCDEX | 100 | 7,900 | (-) 6 |
* Following are the expected support and resistance levels for contracts of spices for trade on Monday:
CONTRACT | SUPPORT (rupees) | RESISTANCE (rupees) |
Coriander | 10,800 | 11,700 |
Jeera | 20,700 | 21,600 |
Turmeric | 7,300 | 8,500 |
End
Edited by Avishek Dutta
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