Informist, Thursday, Sep 8, 2022
By Rahul Dhuri
MUMBAI – Futures contracts of all spices, barring jeera, slipped on domestic exchanges today. Prices of chilli in Andhra Pradesh's Guntur market were unchanged, market participants said.
* Futures contracts of TURMERIC on the National Commodity and Derivatives Exchange fell due to expectations of higher output amid favourable weather in key growing areas. Tepid demand from domestic spicemakers and stockists also weighed on sentiment, analysts said.
* According to data from Spices Board of India, turmeric production in the country is pegged at 1.33 mln tn in 2021-22 (Jul-Jun), up 18.4% on year.
* Futures contract of CORIANDER on the domestic bourse slipped due to weak demand from overseas buyers. Muted demand from domestic spice makers and bulk buyers also weighed on prices, analysts said.
* However, sentiment for the near term remains firm due to a likely fall in output, industry experts said.
* JEERA contracts on the domestic bourse rose marginally due to value buying by investors after the recent drop in prices. The outlook remains firm due to concerns about a supply shortage amid lower production estimates for 2021-22 (Jul-Jun), traders said.
* Domestic and overseas demand is expected to remain strong in anticipation of the supply crunch, said Mahesh Yadav, a trader in Unjha, Gujarat.
* Prices of CHILLI were steady today in the benchmark market of Guntur. The Teja variety was sold at 23,000 rupees per 100 kg, and the LCA-334 variety at 25,000 rupees.
* Arrivals were pegged at 60,000 bags (1 bag = 40 kg), unchanged from the previous day. The near-term outlook remains weak as demand from domestic and overseas buyers has eased, said Satish Degala, a Guntur-based trader.
Following are prices of the most active contracts of spices as of 1820 IST:
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 10,970 | (-) 138 |
Jeera Sep | NCDEX | 100 | 24,470 | 45 |
Turmeric Sep | NCDEX | 100 | 7,042 | (-) 52 |
* Following are the expected support and resistance levels for contracts of spices for trade on Thursday:
CONTRACT | SUPPORT (rupees) | RESISTANCE (rupees) |
Coriander | 10,750 | 11,100 |
Jeera | 24,200 | 25,000 |
Turmeric | 6,900 | 7,350 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
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© Informist Media Pvt. Ltd. 2022. All rights reserved.
Informist, Thursday, Sep 8, 2022
By Rahul Dhuri
MUMBAI – Futures contracts of all spices, barring jeera, slipped on domestic exchanges today. Prices of chilli in Andhra Pradesh's Guntur market were unchanged, market participants said.
* Futures contracts of TURMERIC on the National Commodity and Derivatives Exchange fell due to expectations of higher output amid favourable weather in key growing areas. Tepid demand from domestic spicemakers and stockists also weighed on sentiment, analysts said.
* According to data from Spices Board of India, turmeric production in the country is pegged at 1.33 mln tn in 2021-22 (Jul-Jun), up 18.4% on year.
* Futures contract of CORIANDER on the domestic bourse slipped due to weak demand from overseas buyers. Muted demand from domestic spice makers and bulk buyers also weighed on prices, analysts said.
* However, sentiment for the near term remains firm due to a likely fall in output, industry experts said.
* JEERA contracts on the domestic bourse rose marginally due to value buying by investors after the recent drop in prices. The outlook remains firm due to concerns about a supply shortage amid lower production estimates for 2021-22 (Jul-Jun), traders said.
* Domestic and overseas demand is expected to remain strong in anticipation of the supply crunch, said Mahesh Yadav, a trader in Unjha, Gujarat.
* Prices of CHILLI were steady today in the benchmark market of Guntur. The Teja variety was sold at 23,000 rupees per 100 kg, and the LCA-334 variety at 25,000 rupees.
* Arrivals were pegged at 60,000 bags (1 bag = 40 kg), unchanged from the previous day. The near-term outlook remains weak as demand from domestic and overseas buyers has eased, said Satish Degala, a Guntur-based trader.
Following are prices of the most active contracts of spices as of 1820 IST:
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 10,970 | (-) 138 |
Jeera Sep | NCDEX | 100 | 24,470 | 45 |
Turmeric Sep | NCDEX | 100 | 7,042 | (-) 52 |
* Following are the expected support and resistance levels for contracts of spices for trade on Thursday:
CONTRACT | SUPPORT (rupees) | RESISTANCE (rupees) |
Coriander | 10,750 | 11,100 |
Jeera | 24,200 | 25,000 |
Turmeric | 6,900 | 7,350 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
