Informist, Wednesday, Mar 2, 2022

By Kavita Desai

MUMBAI – Futures contracts of most spices, barring turmeric, ended lower on the domestic exchanges today. Prices of chilli in Guntur, Andhra Pradesh, remained steady, market participants said.

* JEERA and CORIANDER futures ended lower on the National Commodity and Derivatives Exchange as arrivals of the new crop have started gaining pace in the key trading centres of Gujarat and Rajasthan, said traders.

* Arrivals of jeera in the benchmark Unjha market in Gujarat were pegged at 17,000 bags (1 bag = 55 kg), compared with 14,000 bags on the previous day. Of the total arrivals, around 13,000 bags were of the new crop, said Mahesh Yadav, a trader in Unjha.

* Prices of coriander fell in Rajasthan's Ramganj market, which also weighed on futures prices. The badami variety was sold for 10,300 rupees per 100 kg and the eagle variety at 10,800 rupees, both down by 100 rupees from Monday, said Giriraj Gupta, a local trader.

* Arrivals of coriander in Ramganj were pegged at 10,000 bags (1 bag = 45 kg), compared with 8,000 bags the previous day. Among arrivals, around 7,000 bags were of new crop. Market was shut Tuesday on occasion of Maha Shivratri, said Gupta.

* TURMERIC contract closed higher as production in 2021-22 (Jul-Jun) is expected to decline by 20-25%, owing to a drop in yields following heavy rain in key growing states during Sep-Nov, said market participants.

* This has led to a bullish price outlook for the spice amid expectations of pickup in bulk demand and sharp fall in ending stocks. Though it is still too early to estimate the size of the crop, traders expect turmeric production to be 7.0-7.5 mln bags (1 bag = 65 kg), compared with 8.5-9.0 mln bags the previous year. 

* Prices of CHILLI in the benchmark market of Guntur, Andhra Pradesh, were steady due to lack of strong demand from bulk buyers, said Satish Degala, a local trader.

* The Teja variety was sold at 17,500 rupees per 100 kg and the LCA-334 variety at 17,300 rupees. Arrivals were pegged at 75,000 bags (1 bag = 40 kg), compared with 120,000 bags on Monday. Guntur market was shut Tuesday on occasion of Maha Shivratri.

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 Thursday:

End

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

Edited by Ashish Shirke

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