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India Spices: Most up as demand firm, mentha down on profit booking

Monday, Aug 24, 2020

 

By Kavita Desai

 

MUMBAI – Futures contracts of most spices on domestic exchanges ended higher today. However, mentha oil bucked the trend due to profit booking by investors after recent sharp gains.

 

* JEERA futures on the National Commodity and Derivatives Exchange closed higher as continuous rain hit supply in Unjha, the key trading centre for the spice in Gujarat. Arrivals were pegged at 7,000 bags (1 bag = 55 kg), lower than 18,000 bags on Friday. 

 

* "Sharp fall in arrivals and firm demand in the domestic market supported prices," said Vimal Patel, an Unjha-based trader.

 

TURMERIC futures ended nearly 4% higher today due to steady demand from domestic buyers. 

 

* CORIANDER futures gained tracking spot markets, where firm demand from domestic buyers supported prices. 

 

* All mandis in Rajasthan will be shut for a week from Tuesday, in protest against the Centre's ordinance on the inter-state trade of farm produce. Kota, Baran and Ramganj are the key centres for coriander trade in the state.

 

MENTHA OIL futures on the Multi Commodity Exchange of India ended lower due to profit booking after hitting a two-month high of 1,026.5 rupees per kg in early trade today.

 

* Prices of CHILLI in Guntur, the benchmark market in Andhra Pradesh, rose due to shortage of premium quality spice in the market, said Ashok Dattani, a Guntur-based trader. The teja variety was sold at 14,500-15,000 rupees per 100 kg and the LCA-334 variety at 9,500-11,200 rupees, up 200-300 rupees from Friday.

 

* "Chilli prices rose as quality concerns persist and on strong demand from overseas market. Exporters have to fulfil their commitment," said Dattani.

 

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

 

Contract

Exchange

Unit

(kg)

Price

(rupees)

Change (rupees)

Coriander Sep

NCDEX

100

6,80084

Jeera Sep

NCDEX

100

14,380115

Turmeric Sep

NCDEX

100

6,050232

Mentha oil Sep

MCX

1

1,014(-) 10.6

 

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

 

CONTRACT

SUPPORT

(rupees)

RESISTANCE

(rupees)

Coriander 

6,7536,833

Jeera

14,22714,527

Turmeric

5,8906,130

Mentha oil 

985.11,021.6

 

 

 

 

 

 

 

 

End

 

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

 

Edited by Avishek Dutta

 

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