Informist, Monday, Apr 11, 2022

By Kavita Desai

MUMBAI – Futures contracts of all spices, barring coriander, closed lower on domestic exchanges today, while prices of the LCA-334 variety of chilli rose in the benchmark market of Guntur, Andhra Pradesh, market participants said.

* Futures contracts of CORIANDER on the National Commodity and Derivatives Exchange gained due to cues from Ramganj in Rajasthan, where higher demand from domestic stockists and spice manufactures supported sentiment, said Giriraj Gupta, a local trader.  

* Lower output estimates for the 2021-22 (Jul-Jun) season and a drop in arrivals also supported prices, said Gupta.

* In Ramganj, the badami variety was sold at 13,100 rupees per 100 kg and the eagle variety at 14,000 rupees, both up by 100 rupees from Saturday. Arrivals fell to 20,000 bags (1 bag = 45 kg) from 35,000 bags.

* JEERA futures declined due to profit booking by investors after the recent surge in prices. Last week, the front-month April contract had hit a record high of 23,240 rupees per 100 kg.

* Meanwhile, spot prices of jeera in Unjha, Gujarat, remained steady today. Exchange-quality jeera was sold in the range of 22,700-22,900 rupees per 100 kg. Arrivals were pegged at 27,000 bags (1 bag = 55 kg) compared with 22,000 bags on Saturday, said Mahesh Yadav, a local trader. 

* TURMERIC futures also ended lower due to a sharp rise in arrivals. In Telangana's Nizamabad market, arrivals were pegged at 25,000 bags (1 bag = 65 kg), against 10,000 bags on Friday, said Vikas Nagla, a local trader. 

* Prices of the LCA-334 variety of CHILLI in the benchmark market of Guntur rose today due to higher demand from local stockists amid lack of good quality spice in the market, said Ashok Dattani, a Mumbai-based exporter.

* The Teja variety was steady at 16,000-18,500 rupees per 100 kg, while the LCA-334 variety was sold at 16,000-19,000 rupees, up 500 rupees from Friday. Arrivals were pegged at 100,000 bags (1 bag = 40 kg), higher than 70,000 bags on the previous day of trade.

* The quality of the spice is poor as torrential rains in Andhra Pradesh, Telangana and Karnataka in November damaged the standing crop, and lowered the yield. Pest attacks have also taken a toll on the quality, said traders.

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

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

End

Edited by Avishek Dutta 

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