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India Spices: Ended mixed; jeera, coriander down on weak demand

Wednesday, Dec 30, 2020

 

By Kavita Desai

 

MUMBAI – Futures contracts of spices ended on a mixed note on domestic exchanges today.

 

* JEERA futures on the National Commodity and Derivatives Exchange ended 2% lower tracking spot prices, where subdued demand from domestic and overseas buyers weighed on the sentiment, said Vimal Patel, a trader.

 

* The most-active January contract hit a low of 12,500 rupees, lowest since December 2014. Expectations of a bigger crop due to favourable weather conditions also dampened sentiment.

 

* In Unjha, Gujarat, arrivals were steady at 5,000 bags (1 bag = 55 kg). The price of exchange-quality jeera was at 13,100 rupees per 100 kg, down 100 rupees from Tuesday. 

 

* TURMERIC futures rose due to rise in demand from domestic buyers. Robust exports data also supported the prices. India exported 99,000 tn turmeric during Apr-Sep, up 42% on year, Spices Board data showed.

 

* CORIANDER contracts closed lower due to weak demand and higher sowing in Gujarat, said Giriraj Gupta, a trader in Ramganj, Rajasthan.

 

* Farmers in Gujarat have sown coriander across 135,563 ha as on Dec 28, against 76,904 ha during the corresponding period last year, data from the state farm department showed. Gujarat is among the key producers of the spice.

 

* The January MENTHA OIL contract on the Multi Commodity Exchange of India closed higher due to short covering.

 

* Prices of CHILLI in Guntur, the benchmark market in Andhra Pradesh, were steady after a recent fall in prices. Prices are seen weak in the near future as arrivals of new crop are expected to rise during the peak harvest season, starting Jan 15, traders said.

 

* The teja variety was sold at 15,500 rupees per 100 kg and the LCA-334 variety at 12,500 rupees. Arrivals were pegged at 50,000 bags (1 bag = 40 kg), lower from 85,000 bags on Tuesday. 

 

* "Currently, demand for the new crop is weak due to high moisture content. Bulk buyers are waiting for better quality to build their inventories," said Devkishan Maheshwari, a trader in Guntur.

 

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

5,814(-) 82

Jeera Jan

NCDEX

100

12,500(-) 255

Turmeric Apr

NCDEX

100

5,94834

Mentha oil Jan

MCX

1

1,002.51.4


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

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

5,7206,080

Jeera

12,20012,700

Turmeric

5,7206,120

Mentha oil 

9781,028

 

 

 

 

 

 

 

End

 

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

 

Edited by Nidhi Chugh 

 

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This copy was first published on the Cogencis WorkStation

© Cogencis Information Services Ltd. 2020. All rights reserved.

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