Informist, Friday, Jun 3, 2022
By Kavita Desai
MUMBAI – Futures contracts of all spices on the domestic exchanges closed higher today.
* JEERA futures closed 1% higher on the National Commodity and Derivatives Exchange due to firm local demand. Stockists are buying only for immediate requirement, said Jignesh Patel a trader in Unjha.
* Nearly 7,000-8,000 bags (1 bag = 55 kg) are sold on a daily basis in the domestic market. However, export demand for the spice is currently sluggish, which capped the upside, said Patel.
* In Unjha, the benchmark market, exchange-quality jeera was steady at 21,300-21,500 rupees per 100 kg. Arrivals were pegged at 10,000 bags, compared with 8,000 bags on Thursday.
* TURMERIC futures also closed higher due to lower supply in most spot markets across the country and on firm export demand, said Chandra Prakash, owner of Kadapa-based Mahalaxmi Exports.
* While domestic demand is currently tepid, it is expected to pick up in the coming weeks, said Prakash.
* CORIANDER futures closed 1% higher due to firm demand from local stockists and steady arrivals in the Rajasthan's Ramganj market.
* Lower output estimates for the 2021-22 (Jul-Jun) season further supported prices. In Ramganj, the badami variety was sold at 12,100 rupees per 100 kg and the eagle variety at 12,600 rupees, both steady from Thursday. Arrivals were also steady at 3,000 bags (1 bag = 45 kg).
* Prices of CHILLI in Guntur, Andhra Pradesh, were unavailable as the market is shut till Jun 12 due to peak summer. The chilli market in Guntur remains shut for about a month every summer as high temperatures make it difficult to handle the pungent spice.
Following are the prices of the most active contracts of spices as of 1700 IST:
| Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
| Coriander Jun | NCDEX | 100 | 11,300 | 112 |
| Jeera Jun | NCDEX | 100 | 21,275 | 225 |
| Turmeric Jun | NCDEX | 100 | 8,010 | 54 |
* Following are the expected support and resistance levels for contracts of spices for trade on Monday:
CONTRACT | SUPPORT (rupees) | RESISTANCE (rupees) |
Coriander | 10,800 | 11,700 |
Jeera | 20,700 | 21,600 |
Turmeric | 7,500 | 8,200 |
End
Edited by Deepshikha Bhardwaj
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