Informist, Wednesday, Apr 27, 2022
By Kavita Desai
MUMBAI - Futures contracts of most spices closed higher on domestic exchanges today. Chilli prices remained steady in the benchmark market of Guntur in Andhra Pradesh, market participants said.
* JEERA and CORIANDER futures on the National Commodity and Derivatives Exchange ended higher, as tight supply caused by a drop in production in the ongoing 2021-22 (Jul-Jun) season supported prices.
* Strong buying from local stockists and lower arrivals in the spot markets also lifted coriander and jeera prices.
* Traders expect jeera production in the ongoing season at 5.0-6.0 mln bags (1 bag = 55 kg) compared with 8.0-8.5 mln bags the previous year.
* In Gujarat's benchmark Unjha market, exchange-quality jeera was steady at 23,500 rupees per 100 kg. Arrivals were pegged at 12,000 bags (1 bag = 55 kg) compared with 15,000 bags the previous day.
* TURMERIC futures on domestic exchanges gained nearly 2% due to short covering by investors after prices declined in the last three sessions. However, prices in Tamil Nadu's Erode market declined due to tepid domestic and export demand, said Ravishankar Vishwanath, a trader in Erode.
* In Erode, arrivals were pegged at around 6,100 bags (1 bag = 65 kg) today compared with 5,800 bags on Tuesday. The finger variety of turmeric was quoted at 7,200-7,400 rupees per 100 kg, and the bulb variety was sold at 6,100-6,300 rupees, both down by 100 rupees, said Vishwanath.
* Prices of CHILLI in the benchmark market of Guntur remained steady for the third straight day, said Ashok Dattani, a Mumbai-based exporter.
* The Teja variety was sold at 18,500 rupees per 100 kg and the LCA-334 variety at 19,000 rupees. Arrivals were steady at 65,000 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 May | NCDEX | 100 | 12,320 | 16 |
| Jeera May | NCDEX | 100 | 22,295 | 165 |
| Turmeric May | NCDEX | 100 | 8,724 | 160 |
* Following are the expected support and resistance levels for contracts of spices for trade on Thursday:
CONTRACT | SUPPORT (rupees) | RESISTANCE (rupees) |
Coriander | 12,000 | 12,600 |
Jeera | 22,000 | 22,700 |
Turmeric | 8,300 | 9,000 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Namrata Rao
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