India Spices
Coriander, turmeric down; jeera up on festival demand
This story was originally published at 20:24 IST on 7 August 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and turmeric fell on the National Commodities and Derivatives Exchange, while those of jeera rose today. Jeera prices rose on firm festival demand amid a fall in supplies in the domestic market, according to market participants.
JEERA futures rose to 26,445 rupees per 100 kg, up 0.3%, due to increased festival demand, analysts said. However, global buyers were not in a hurry to buy due to the availability of ample stocks in major producing regions, which could weigh on prices. Prices of the commodity are seen at 25,200-27,000 rupees per 100 kg, according to analysts at SMC Global Securities.
TURMERIC closed in the red at 16,410 rupees per 100 kg, down 0.3%, due to bleak overseas demand, according to SMC Global Securities. However, reduced supplies and delayed sowing in Maharashtra due to heavy rainfall in recent weeks also support prices. In the near term, turmeric futures are seen at 15,800-16,900 rupees per 100 kg, it said.
The spot price of turmeric in the benchmark market of Nizamabad in Telangana was down 100 rupees at 15,800 rupees per 100 kg. Arrivals were estimated at 900 bags (1 bag = 40 kg), up 350 bags from the previous day, local trader Amrutlal Kataria said.
Prices of CORIANDER fell 1% to 7,022 rupees per 100 kg, due to selling pressure continuing on ample supplies in the domestic market, Kotak Securities said in a note. Subdued overseas demand also weighed on prices, according to analysts at SMC Global Securities.
In Rajasthan's Ramganj Mandi, prices of the scooter variety of coriander were down 50–75 rupees, at 6,900-7,300 rupees per 100 kg, local traders said. Arrivals were at steady 5,000 bags (1 bag = 50 kg), said Manish Gupta, a local trader.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 7,022 | (-)66 |
Jeera Aug | NCDEX | 100 | 26,445 | 75 |
Turmeric Oct | NCDEX | 100 | 16,410 | (-)42 |
End
Edited by Aditya Sakorkar
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