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India Spices: Most down; turmeric slips on tepid demand

Informist, Friday, Jul 15, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of spices ended lower on the domestic exchanges today. Prices of chilli were steady in the benchmark market of Guntur, Andhra Pradesh, market participants said.

 

* JEERA futures closed lower on the National Commodity and Derivatives Exchange due to profit booking by investors after a recent sharp rise in prices. The most active August jeera contract on domestic bourse hit a fresh three-month high of 23,170 rupees per 100 kg on Thursday.

 

* In Unjha, the benchmark market in Gujarat, exchange-quality jeera was steady at 22,700-23,000 rupees per 100 kg. Arrivals in Unjha were pegged at 7,000 bags (1 bag = 55 kg), compared with 8,000 bags the previous day, said Krunal Shah, a local trader.

 

* CORIANDER contracts also declined on cues from the spot markets. Demand from masala manufacturers generally remains weak during the rainy season, said traders. 

 

* Today, in Ramganj, a key trading centre in Rajasthan, the badami variety was sold at 12,900 rupees per 100 kg and the eagle variety at 13,400 rupees, both steady from Thursday. The arrivals were pegged at 3,000 bags (1 bag = 45 kg) compared with 3,500 bags the previous day.

 

* TURMERIC futures closed lower due to tepid demand in the spot markets amid progress in sowing as monsoon has covered most key producing states.

 

"Sowing is expected to be good this season due to lucrative returns. Sowing has gathered pace in producing states such as Maharashtra

and Tamil Nadu," SMC Global Securities said in a report.

 

* Prices of CHILLI were steady in the benchmark market of Guntur, Andhra Pradesh, today. Prices are likely to rise gradually in the coming days due to robust buying, on the back of lower output estimates. Quality concerns due to torrential rains last year

amid pest attacks may also aid prices.

 

* In Guntur, the Teja variety was sold at 23,000 rupees per 100 kg, and the LCA-334 variety was sold at 25,500 rupees. Today, arrivals were pegged at 50,000 bags (1 bag = 40 kg), compared with 70,000 bags on the previous day.

 

* Further, demand from China and Bangladesh has gained pace, which may further support the prices.

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

     

    Contract Exchange

    Unit

    (kg)

    Price

    (rupees)

    Change

    (rupees)

    Coriander AugNCDEX10011,838(-) 406
    Jeera AugNCDEX10022,650(-) 185
    Turmeric AugNCDEX1007,702(-) 126

     

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

     

    CONTRACT

    SUPPORT

    (rupees)

    RESISTANCE

    (rupees)

    Coriander 

    		11,30012,600

    Jeera

    		21,60024,000

    Turmeric

    		7,2008,200


     

     

     

     

     

     

    End

     

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

     

    Edited by Sushmita Mukhejee

     

    For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

     

    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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