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India Spices: Turmeric hits 2-month high, jeera down on high supply

Informist, Friday, Oct 21, 2022

 

By Rahul Dhuri

 

MUMBAI – Futures contracts of turmeric hit a two-month high on the National Commodity and Derivatives Exchange while those of jeera were down on the domestic bourse. Prices of chilli were largely unchanged in the spot market, traders said.

 

* Futures contracts of TURMERIC hit a two-month high of 7,690 rupees per 100 kg today, due to supply concerns in the physical market amid improved demand outlook from domestic spice makers and overseas buyers, analysts said.

 

* The near-term outlook for the yellow spice remains firm due to weak production outlook amid shrinking supplies at physical market.

 

* Futures contracts of JEERA fell on the domestic bourse due to sluggish demand from overseas buyers. Higher arrivals in the physical market further weighed on prices, said Bhavesh Shah, a trader based in Unjha, Gujarat.

 

* As per the Agmarknet data, the arrivals in physical market jumped to over 3,000 tn compared to over 1,900 tn in the previous week.

 

* Futures contracts of CORIANDER were largely flat on the domestic bourse. However, the near-term outlook remains weak due to a likely rise in supply at physical markets.

 

* Arrivals of coriander in the physical market during last week surged to about 3,100 tn compared to 2,000 tn in the previous week, according to data as per Agmarknet. 

 

* Prices of CHILLI remained steady in the benchmark Guntur market in Andhra Pradesh, as arrivals, which were steady, were sufficient to meet the limited demand from domestic buyers, traders said. 

 

* There was no fresh demand from bulk buyers in the market. The near-term outlook for chilli remains weak due to a likely fall in demand from overseas buyers, said Satish Degala, a trader based in Guntur.


* Today, the Teja variety was sold at 23,000 rupees per 100 kg and the LCA-334 variety at 24,000 rupees, both unchanged from the previous day. Arrivals were pegged steady at 60,000 bags (1 bag = 40 kg). 

 

Following are the prices of the most-active contracts of spices as of 1710 IST:

 

Contract 

Exchange

Unit

(kg)

Price

(rupees)

Change

(rupees)

Coriander Nov

NCDEX

   100

11,3428

Jeera Nov

NCDEX

   100

23,925

 (-) 110

Turmeric Nov

NCDEX

   100

7,690      182

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

         10,600

             11,750

Jeera

         23,500

             24,700

Turmeric

          7,060

              7,950

 

 

 

 

 

 

 

End

 

Edited by Maheswaran Parameswaran

 

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