Informist, Tuesday, Nov 16, 2021
By Kavita Desai
MUMBAI – Futures contracts of spices, barring coriander, ended lower on domestic exchanges today. Chilli prices were steady in the spot market of Guntur, Andhra Pradesh, said market participants.
* JEERA futures ended lower on the National Commodity and Derivatives Exchange today due to profit booking after a recent surge in prices. The most active December contract had hit a two-year high of 16,420 rupees per 100 kg on Monday.
* In Unjha, the benchmark market, arrivals of jeera were pegged at 20,000 bags (1 bag = 55 kg), compared with 15,000 bags on Monday. Exchange-quality jeera in Unjha was sold at 15,800 per 100 kg, steady from previous day.
* Futures contracts of CORIANDER ended higher because of improved demand from domestic bulk buyers, said Satyanarayan Gupta, a trader in Kota.
* TURMERIC contracts closed lower due to lack of strong export demand.
* "The downtrend looks limited as production of turmeric may be lower than expected earlier due to lower area in Telengana and unseasonal rains," said SMC Global Securities in a report.
* Prices of CHILLI in Guntur were steady for the second straight day. The Teja variety was sold at 13,100 rupees per 100 kg, and the LCA-334 variety was sold at 11,000 rupees. Arrivals were also steady at 70,000 bags (1 bag = 40 kg).
* Demand from Bangladesh and China has picked up which may support chilli prices in the near term. However, a likely bumper crop and ample carryover stocks may limit the rise, said market participants.
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 | 8,574 | 14 |
| Jeera Dec | NCDEX | 100 | 16,130 | (-) 135 |
| Turmeric Dec | NCDEX | 100 | 7,498 | (-) 34 |
* Following are the expected support and resistance levels for contracts of spices for trade on Wednesday:
CONTRACT | SUPPORT (rupees) | RESISTANCE (rupees) |
Coriander | 8,300 | 8,700 |
Jeera | 15,900 | 16,600 |
Turmeric | 7,200 | 7,800 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
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