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India Spices: Rise; jeera hits 4% upper cap on lower crop, firm buys

Informist, Friday, Aug 12, 2022

 

By Kavita Desai

 

MUMBAI – Futures contracts of all spices closed higher on the domestic exchanges today. Spot prices of chilli were steady in the benchmark market of Guntur, Andhra Pradesh, market participants said.

 

* JEERA futures on the National Commodity and Derivatives Exchange hit the 4% upper circuit due to tight supply amid lower production estimates for 2021-22 (Jul-Jun), said Mahesh Yadav, a trader in Unjha.

 

* In the 2021-22 season, jeera production was estimated at 725,651 tn as against 795,310 tn a year ago, according to data from the Spices Board India. The fall in estimates is mainly attributed to lower acreage in Rajasthan and Gujarat, the key producers.

 

* Gains in Gujarat's benchmark Unjha market also supported the prices. In Unjha, exchange-quality jeera was sold at 24,000-24,300 rupees per 100 kg, up 100 rupees from Wednesday. Arrivals were pegged at 6,000 bags (1 bag = 55 kg) compared with 9,000 bags on Wednesday. The market was shut on Thursday on account of Raksha Bandhan. 

 

TURMERIC futures gained over 2% due to short covering after a sharp fall in prices. Earlier today, the most active September contract hit a fresh 10-month low of 7,100 rupees per 100 kg.

 

* Recently, turmeric futures declined due to sluggish demand from bulk buyers and ample stock in consuming centres, said Amrutlal Kataria, a Nizamabad-based trader.


* Progress in sowing and weak overseas demand also weighed on turmeric prices, said Kataria.

 

CORIANDER futures ended higher tracking gains in other spices futures. Outlook for the commodity remains weak due to tepid

demand from local stockists and masala manufacturers.

 

* Prices of CHILLI were steady in the benchmark market of Guntur, Andhra Pradesh. Prices are seen higher in near-term due to firm demand from domestic and overseas buyers, said Ashok Jain, a Guntur-based trader adding that demand from Bangladesh, a key importer, has also improved.

 

* In Guntur, the Teja variety was sold at 24,000 rupees per 100 kg, while the LCA-334 variety was at 26,000 rupees, both steady from Thursday. Today, arrivals were pegged at 45,000 bags (1 bag = 40 kg), compared with 50,000 bags on previous day. 

 

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

 

Contract Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander SepNCDEX10011,650250
Jeera SepNCDEX10024,990960
Turmeric SepNCDEX1007,314156

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

11,20011,900

Jeera

24,40025,400

Turmeric

7,0007,600


 

 

 

 

 

 

End

 

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

 

Edited by Maheswaran Parameswaran

 

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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