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Spices Report dated - 06th February, 2013

Pepper- Pepper Feb declined but lacked volume OI support. Festive demand will now recede, but the farmers' resistance to sell at lower level is likely to continue. Adverse weather was also supportive. Higher new crop in India and in rest of the world could cap sharp upside to the prices. FED stock are nil for February contract. Resistance has emerged at 50 DMA, and the futures are in overbought zone. Profit booking may continue.

Jeera - Jeera March contract closed firm but lacked the volume and OI support. March 13 declined by almost 13% from its recent high, before starting a correction. Domestic and export demand at lower level has supported the futures. But higher acreage, crop and stocks could cap the upside. Sources report that buyers were active at lower levels. For Mar contract 13,300 is seen as a very strong support level.

Turmeric - Turmeric April contract closed higher. Total volumes were higher but the OI declined. Higher open did not sustain and selling resulted in prices closing near its intraday lows. Active contract has corrected by 7.6% since the top was recorded on 8th Jan 2013. FED stock in NCDEX is nil for April 2013 contract. Spot market sentiment is cautiously positive. Buying could emerge at lower levels.

Dhaniya - Dhaniya Apr 13 closed almost flat and both volume and OI were lower.Jan 13 will expire today and could result in expiry related volatility. Cold wave in growing areas has caused the sharp gains in prices. Buying could emerge at lower levels. FED stock has come down to 7293 MT. Of this 4070 MT has been allotted under the staggered delivery system.

Chilli - Chilli March contract closed marginally higher. Volumes traded were lower while the OI gained marginally. 6000 is a major support for March contract. Buying has emerged at lower levels. Chilli sowing is lower compared to last year.

NCDEX Spices Futures Price Movement (Rs/per quintal)
30-Jan-2013
Contract High Low Close Close % Vol (MT) OI OI
Pepper
Feb-13 39090 37845 38875 1160 3.1% 1647 1119 -83
Mar-13 37265 36710 37140 495 1.4% 799 1485 -42
Jeera
Mar-13 13623 13385 13587.5 218 1.6% 7620 11451 -243
Apr-13 13700 13520 13665 220 1.6% 1713 5619 183
Turmeric
Apr-13 6260 6048 6260 242 4.0% 18405 27200 -365
May-13 6360 6160 6360 246 4.0% 2830 7550 45
Dhaniya
Apr-13 6868 6726 6804 -98 -1.4% 36690 29300 20660
May-13 6960 6818 6892 -153 -2.2% 3020 8760 6410
Chilli
Mar-13 6958 6804 6934 138 2.0% 6190 6145 90
Apr-13 7114 6994 7088 120 1.7% 2775 6095 310



















Note:volume in Metric Tons; Ol=Open Interest  Source:NCDEX


Commodity-Mandi Spot INR/Quintal Change
Pepper - Kochi 40028.1 263
Jeera - Unjha 13995.3 97
Turmeric - Nizamabad 5481 83
Dhaniya - Kota 6000 -23
Chilli - Guntur 6172.5 148







Stock in NCDEX (Metric Ton)
Commodity Demat In Process
Pepper 0 0
Jeera 0 0
Turmeric 0 0
Dhaniya 3387 0
Chilli 0 0








Spread Feb-13 Mar-13 Apr-13
Spot 1153 2888 4368
Feb-13   1735 3215
Mar-13     1480
Apr-13      






Spread Mar-13 Apr-13 May-13
Spot 408 330 152.8
Mar-13   -78 -255
Apr-13   -178





Spread Apr-13 May-13 June-13
Spot -779 -879 -995
Apr-13   -100 -216
May-13   -116





Spread Apr-13 May-13 June-13
Spot -804 -892 -1012
Apr-13   -88 -208
May-13   -120





Commodity Outlook Support Resistance
Pepper Overbought 37800 39650
Jeera Positive 13150 13700
Turmeric Range Bound 6030 6400
Dhaniya Weak 6575 7070
Chilli Overbought 7120 6830








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