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India Spices: Jeera dn on profit booking post 2-yr high; chilli flat

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 DecNCDEX1008,57414
Jeera DecNCDEX10016,130(-) 135
Turmeric DecNCDEX1007,498(-) 34

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

8,3008,700

Jeera

15,90016,600

Turmeric

7,2007,800


 

 

 

 

 

End

 

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

 

Edited by Aditya Sakorkar

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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