Informist, Wednesday, Mar 9, 2022

By Rahul Dhuri

MUMBAI – Futures contracts of spices ended higher on domestic exchanges today. Chilli prices in Guntur, Andhra Pradesh, remained steady, market participants said.

* JEERA futures on the National Commodity and Derivatives Exchange ended higher, tracking prices in the benchmark Unjha market, where an increase in demand from local stockists supported prices, said Vimal Patel, a local trader.

* Exchange-quality jeera in Unjha, Gujarat, was sold at 20,300 rupees per 100 kg, up 200 rupees from Tuesday. Arrivals were pegged at 25,000 bags (1 bag = 55 kg), largely unchanged from the previous day of trade. Of the total arrivals, around 22,000 bags were of the new crop, traders said.

* On the domestic bourse, TURMERIC futures closed higher today, as investors covered their short positions after prices hit an over one-week low of 8,640 rupees on Tuesday.

* Prices also rose because of lower arrivals and as demand for the crop is seen as improving. In Telangana's Nizamabad, the benchmark market, arrivals were pegged at 15,000 bags (1 bag = 65 kg) today, down 1,000 bags from Tuesday, traders said.

* The finger variety was quoted at 8,500 rupees per 100 kg, and the bulb variety was sold at 7,000 rupees, both unchanged, said Punam Chand Gupta, a local trader. 

* CORIANDER futures ended marginally higher on the NCDEX today, tracking Rajasthan's Ramganj market, where improved demand coupled with lower arrivals supported prices, said Giriraj Gupta, a local trader.

* In Ramganj, the badami variety was sold at 10,700 rupees per 100 kg and the eagle variety at 11,200 rupees, both up 200 rupees from Tuesday. Arrivals were pegged at 10,000 bags (1 bag = 45 kg), down 2,000 bags from Tuesday. Of the total quantity, around 8,000 bags were of the new crop, Gupta said. 

* CHILLI prices remained steady in the benchmark Guntur market. Arrivals were sufficient to meet the 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 17,300 rupees. Arrivals were pegged at 100,000 bags (1 bag = 40 kg), down 25,000 bags from Tuesday. According to Degala, demand from local stockists has increased ahead of Holi. There's also considerable demand coming from Thailand and Sri Lanka. 

Following are the prices of the most-active contracts of spices as of 1705 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 Namrata Rao

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