Informist, Tuesday, Aug 30, 2022
By Rahul Dhuri
MUMBAI – Futures contracts of all spices, barring turmeric, rose on domestic exchanges today. The prices of chilli in Andhra Pradesh's Guntur market were steady, market participants said.
* The most active JEERA futures on the National Commodity and Derivatives Exchange rose due to improved demand from spice makers and stockists. The near-term outlook for jeera remains firm due to tight supply amid lower production estimates for 2021-22 (Jul-Jun).
* CORIANDER futures rose due to a likely fall in output. However, poor demand from local stockists and masala makers capped sharp gains, said Satyanarayan Gupta, a trader in Kota.
* According to the fourth advanced estimates by the Gujarat government, in 2021-22, coriander is seen at 208,090 tn, down by 5.9% as compared to the same period a year ago.
* TURMERIC contracts were down because ample stock in consumption centres and progress in sowing weighed on prices, traders said.
* Prices of CHILLI were steady today in the benchmark market of Guntur, Andhra Pradesh, said Ashok Jain, proprietor of Ankur Enterprises in Guntur.
* Prices are likely to fall in the coming days as the demand from domestic and overseas buyers has slowed since most of the stocks are of medium quality.
* In Guntur, the Teja variety was sold at 23,500 rupees per 100 kg, while the LCA-334 variety was quoted at 25,500 rupees, both steady from the previous level. Today, arrivals were pegged steady at 70,000 bags (1 bag = 40 kg).
Following are prices of the most active contracts of spices as of 1735 IST:
| Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
| Coriander Sep | NCDEX | 100 | 11,360 | 40 |
| Jeera Sep | NCDEX | 100 | 25,150 | 40 |
| Turmeric Sep | NCDEX | 100 | 7,048 | (-) 108 |
* Following are the expected support and resistance levels for contracts of spices for trade on Wednesday:
CONTRACT | SUPPORT (rupees) | RESISTANCE (rupees) |
Coriander | 10,800 | 11,550 |
Jeera | 25,000 | 25,600 |
Turmeric | 6,900 | 7,350 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
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