Informist, Friday, Mar 11, 2022

By Rahul Dhuri

MUMBAI – Futures contracts of spices settled higher today on the domestic exchanges. Prices of chilli in Guntur, Andhra Pradesh, remained steady, said market participants.

* CORIANDER futures ended higher on the National Commodity and Derivatives Exchange, on positive cues from spot markets. Demand for the spice was robust in Rajasthan's Ramganj market, said local trader Giriraj Gupta.

* In Ramganj, the badami variety was sold at 10,900 rupees per 100 kg and the eagle variety at 11,400 rupees, both unchanged from Thursday. The rise in prices of coriander was capped by an increase in arrivals in the Ramganj market. Arrivals were pegged at 10,000 bags (1 bag = 45 kg), up 4,000 bags from Thursday. Of the total quantity, around 9,000 bags were of new crop, Gupta said.

* Futures contracts of JEERA recouped early losses and ended higher due to likely fall in the output of the spice in Gujarat, the largest producer. However, lack of strong demand from domestic stockists capped the gains, said Mahesh Yadav, a trader based in Unjha, Gujarat.

* Prices of jeera in Unjha, the benchmark market, were unchanged as supply was sufficient to meet demand. Exchange-quality jeera in Unjha was sold at 22,100 rupees per 100 kg. Arrivals were pegged at 20,000 bags (1 bag = 55 kg), up 3,000 from the previous day.

* TURMERIC futures ended higher on the NCDEX due to short covering by investors after the recent fall in prices. However, rise in new crop arrivals in the spot markets for the last few days capped the gains, traders said.

* In Nizamabad, Telangana's benchmark market, arrivals were pegged at 15,000 bags (1 bag = 65 kg), unchanged from Thursday. However, arrivals remain higher than normal for this time of the season. The finger variety was quoted at 8,500 rupees per 100 kg, and the bulb variety was sold at 7,000 rupees, both steady from the previous day, said local trader Punam Chand Gupta.

* CHILLI prices in the benchmark market of Guntur in Andhra Pradesh remained steady as arrivals were sufficient to meet demand, said Satish Degala, a local trader.

* The Teja variety was sold at 17,500 rupees per 100 kg and the LCA-334 variety at 17,500 rupees. Arrivals were pegged at 60,000 bags (1 bag = 40 kg), down 40,000 from Thursday. Prices are seen steady with a positive bias on expectations of rise in demand from local stockists ahead of Holi, with considerable overseas demand from Thailand and Sri Lanka, said Degala.

Following are the prices of the most active contracts of spices as of 1855 IST:

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

End

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

Edited by Ashish Shirke

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