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India Spices: Mixed; coriander down as arrivals rise in spot market

Wednesday, Jun 10 , 2020

 

By Kavita Desai

 

MUMBAI – Following are key highlights of trading in spices today:

 

* Prices of the most active contracts of spices at 1700 IST:

 

Contract

Exchange

Unit

(kg)

Price

(rupees)

Change (rupees)

Coriander Jul

NCDEX

100

5,755

(-) 5

Jeera Jul

NCDEX

100

13,880

85

Turmeric Jul

NCDEX

100

5,500

(-) 24

Cardamom Jul

MCX

1

NA

NA

Mentha oil Jun

MCX

1

1,026.5

(-) 16.7

 

* Coriander futures ended lower because arrivals of the spice rose in spot markets. 

 

* In Ramganj, a key spot market in Rajasthan, arrivals of coriander were pegged at 12,000 bags (1 bag = 45 kg), up from 10,000 bags on Tuesday, traders said.

 

* The most-active July turmeric contract also closed lower due to a bigger crop estimate and weak demand from bulk buyers. 

 

* Traders see turmeric output rising to a three-year high of 585,000 tn in 2019-20 (Jul-Jun) from 552,500 tn in the previous year.

 

* Jeera contracts ended marginally higher due to fall in arrivals. However, absence of strong demand from domestic and overseas buyers in wake of the coronavirus pandemic limited the rise in prices.

 

  "Demand from bulk buyers is seen tepid as they are making purchases for immediate requirements due to financial problems and uncertainty because of coronavirus,"

   – Vimal Patel, trader based in Unjha.

 

* The most-active June mentha oil contract ended lower in line with spot prices and weak demand. 

 

* The July cardamom contract was not traded on the MCX today. 

 

* The average price of small cardamom at the e-auction held today in Bodinayakanur, Tamil Nadu, was 1,658.3 rupees per kg and arrivals of 52.9 tn of cardamom were up for auction, all of which were sold.

 

* Prices of chilli in Guntur, the benchmark market in Andhra Pradesh, were steady today.

 

  "The market resumed trade from Monday and there is good demand from domestic stockists. Strong demand from China and Bangladesh is also reported for teja variety."

   – Ashok Dattani, a Mumbai-based trader.

 

* Trading operations in Guntur were suspended since Mar 23, in an effort to contain the spread of coronavirus.  

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

5,719

5,782

Jeera

13,777

13,932

Turmeric

5,453

5,545

Cardamom

NA

NA

Mentha oil 

1,020

1,036.4

 

 

 

 

 

 

 

 

 

End

 

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

 

Edited by Nidhi Chugh

 

Cogencis Tel +91 (22) 6619-0000

Send comments to feedback@cogencis.com

 

This copy was first published on the Cogencis WorkStation

© Cogencis Information Services Ltd. 2020. All rights reserved.

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