India Spices
Coriander, jeera rise; turmeric down amid low demand
This story was originally published at 20:45 IST on 30 July 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera closed in the green on the National Commodity and Derivatives Exchange today, while those of turmeric closed in the red. Prices of turmeric futures fell due to rising selling pressure amid muted demand, according to market participants.
TURMERIC prices closed in the red today at 15,542 rupees per 100 kg, down 0.3%, due to sluggish demand. "Supply prospects improved with aggressive sowing in central and southern parts of India where weather conditions remained conducive for sowing," according to analysts at SMC Global Securities. "Heavy stocks and reports of increased imports are likely to weigh on market sentiment," the brokerage added. In the near term, turmeric futures are likely to trade in the range of 15,000-16,200 rupees per 100 kg, it said.
The spot price of turmeric in the benchmark market of Nizamabad in Telangana was steady at 15,800 rupees per 100 kg. Arrivals were estimated at 1,800 bags (1 bag = 40 kg), up 400 bags from the previous day, local trader Amrutlal Kataria said.
Prices of CORIANDER rose 0.2% to 7,232 rupees per 100 kg, in anticipation of lower production. Coriander production is seen down 26% in 2024-25 (Jul-Jun), according to SMC Global Securities. However, higher carry forward stock and weak demand in the domestic market could weigh on prices. In the near term, coriander futures are likely to trade in the range of 7,000-7,400 rupees.
JEERA prices were up 0.1% at 26,790 today on the NCDEX, anticipating upcoming festive demand, said traders. However, excess supply in the domestic market is likely to restrict the gains, SMC Global Securities said. Jeera prices are likely to trade in a range of 25,500-27,800 rupees per 100 kg, the broking firm said.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Jul | NCDEX | 100 | 7,232 | 16 |
Jeera Jul | NCDEX | 100 | 26,790 | 30 |
Turmeric Aug | NCDEX | 100 | 15,542 | (-)50 |
End
Edited by Deepshikha Bhardwaj
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