India Spices
Coriander, jeera down; turmeric up on improved demand
This story was originally published at 19:47 IST on 1 August 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera fell on the National Commodity and Derivatives Exchange today, while those of turmeric rose. Turmeric futures rose due to improved buying in the domestic market, according to analysts at SMC Global Securities.
TURMERIC prices closed on the green at 16,030 rupees per 100 kg, up 1.1%, as demand improved following the recent fall in prices, according to market participants. However, gains are likely to be limited as supply prospects improve with aggressive sowing in central and southern parts of India where weather conditions remain conducive for progress in sowing, according to SMC Global Securities. In the near term, turmeric futures are likely to trade in the range of 15,500-16,200 rupees.
The spot price of turmeric in the benchmark market of Nizamabad in Telangana was up 100 rupees at 15,900 rupees per 100 kg. Arrivals were estimated at 1,100 bags (1 bag = 40 kg), up 600 bags from the previous day, local trader Amrutlal Kataria said.
Prices of CORIANDER fell 0.4% to 7,224 rupees per 100 kg, due to subdued overseas demand, according to analysts at SMC Global Securities. However, due to a weaker production outlook, losses are likely to be limited. In the near term, coriander futures are likely to trade in the range of 7,000-7,400, according to the brokerage.
JEERA prices were down 0.6% at 26,680 rupees per 100 kg today on the NCDEX, due to higher carryforward stocks, according to SMC Global Securities. However, increased festival demand could support prices. Jeera prices are likely to trade in a range of 26,200-27,800 rupees per 100 kg, the broking firm said.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Aug | NCDEX | 100 | 7,224 | (-)30 |
Jeera Aug | NCDEX | 100 | 26,680 | (-)155 |
Turmeric Aug | NCDEX | 100 | 16,030 | 172 |
End
Edited by Saji George Titus
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