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India Spices: Most end lower; mentha oil gains on as stock declines

Wednesday, Sep 16, 2020

 

By Kavita Desai

 

MUMBAI – Futures contracts of all spices, barring mentha oil ended lower on domestic exchanges today.  

 

* The most active October JEERA contract on the National Commodity and Derivatives Exchange closed lower as export demand slowed and arrivals rose in the key spot market. In Unjha, the benchmark market in Gujarat, arrivals were pegged at 13,000 bags (1 bag = 55 kg), higher than 8,000 bags on Tuesday, said Vimal Patel, a trader.

 

* TURMERIC futures closed lower due to profit booking. However, a pickup in demand from local and overseas market limited the downside, said Vikas Nagla, a trader in Nizamabad, Telangana.

 

* The October CORIANDER contract closed lower due to a rise in arrivals, said Giriraj Gupta, a trader in Ramganj, Rajasthan.

 

MENTHA OIL futures on the Multi Commodity Exchange of India ended higher as inventories declined at exchange-accredited warehouses. As of Tuesday, mentha oil stock at exchange warehouses were at 183.60 tn, down from 187.93 tn a week ago, data showed.

 

* Prices of CHILLI rose in Guntur, the benchmark market in Andhra Pradesh, due to strong demand and lack of good quality produce in the market.

 

* The teja variety was sold at 14,000-16,800 rupees per 100 kg and the LCA-334 variety was sold at 11,500-13,000 rupees, both up 200-300 rupees from Tuesday. Arrivals rose to 70,000 bags (1 bag = 40 kg), higher from 60,000 bags.

 

* "Strong export demand from destinations like Bangladesh, China and Sri Lanka is supporting prices. Domestic demand has also gained momentum," said Devkishan Maheshwari, a Guntur-based trader. 

 

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

 

Contract

Exchange

Unit

(kg)

Price

(rupees)

Change (rupees)

Coriander Oct

NCDEX

100

6,606(-) 18

Jeera Oct

NCDEX

100

14,050(-) 95

Turmeric Oct

NCDEX

100

5,890(-) 48

Mentha oil Sep

MCX

1

966.84

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

6,5296,739

Jeera

13,90014,200

Turmeric

5,8526,014

Mentha oil 

955.8975.6

 

 

 

 

 

 

 

 

End

 

Edited by Avishek Dutta

 

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