India Spices: End down; jeera slips over 1% on slowdown in demand

India Spices: End down; jeera slips over 1% on slowdown in demand

Informist, Thursday, Jul 7, 2022

 

By Kavita Desai

 

MUMBAI – The futures contracts of spices ended lower on domestic exchanges today. The prices of chilli remained unchanged in the benchmark market of Guntur, Andhra Pradesh, market participants said.

 

* JEERA futures closed over 1% lower on the National Commodity and Derivatives Exchange, as the recent sharp rise in prices slowed demand in the spot markets, said Siyaram Patel, a trader in Unjha.

 

* The most-active August jeera contract had hit a two-month high of 22,430 rupees per 100 kg on Tuesday. In Unjha, the benchmark market, jeera was sold at 22,700 rupees, nearly 500 rupees higher than Saturday.

 

* Today in Unjha, exchange-quality jeera was steady at 22,500-22,700 rupees per 100 kg. The arrivals were also steady at 9,000 bags (1 bag = 55 kg).

 

* CORIANDER contracts declined on lack of strong cues from spot markets. The demand from masala manufacturers generally remains weak during rainy season, said Satyanarayan Gupta, a trader in Kota.

 

* Today, in Kota, the key trading centre in Rajasthan, the badami variety was sold at 11,400 rupees per 100 kg and the eagle variety at 11,600 rupees, both steady from Wednesday. The arrivals in Kota, Baran and Ramganj combined were pegged steady at 3,500 bags (1 bag = 45 kg).

 

* TURMERIC futures closed lower due to tepid demand for the spice in the spot markets amid progress in sowing, said Amrutlal Kataria, a trader in Nizamabad.

 

* Farmers have started to sow the kharif spice in some pockets of Nizamabad in Telangana, the top producer. Sowing is expected to gather pace in other producing states like Maharashtra and Tamil Nadu.

 

* Prices of CHILLI in the benchmark market of Guntur, Andhra Pradesh, were flat today, said Ashok Jain, proprietor of Ankur Enterprises in Guntur.

 

* Prices are likely to rise gradually in the coming days due to firm demand from local stockists, on the back of lower output estimates. Quality concerns due to torrential rain last year amid pest attacks may also aid prices.

 

* In Guntur, the Teja variety was sold at 22,000 rupees per 100 kg, and the LCA-334 variety was quoted at 26,000 rupees, both steady from Wednesday. Today, arrivals were steady at 60,000 bags (1 bag = 40 kg). 

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

     

    Contract Exchange

    Unit

    (kg)

    Price

    (rupees)

    Change

    (rupees)

    Coriander JulNCDEX10012,070(-) 66
    Jeera JulNCDEX10021,895(-) 250
    Turmeric JulNCDEX1007,938(-) 92

     

    * Following are the expected support and resistance levels for contracts of spices for trade on Friday:

     

    CONTRACT

    SUPPORT

    (rupees)

    RESISTANCE

    (rupees)

    Coriander 

    		11,78012,320

    Jeera

    		21,40022,200

    Turmeric

    		7,6008,200


     

     

     

     

     

     

    End

     

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

     

    Edited by Michael Correya

     

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