India Spices
Coriander, jeera up on concerns about supply, output
This story was originally published at 20:57 IST on 8 August 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera rose on the National Commodity and Derivatives Exchange today, while turmeric prices were steady. Jeera prices rose on concerns of supply disruption amid heavy rainfall in Rajasthan and Gujarat, while coriander rose on expectation of a fall in output, market players said.
JEERA futures rose to 26,670 rupees per 100 kg, up 1.0% due to firm festival demand amid concerns of supply disruptions. Excessive rainfall in Rajasthan and Gujarat disrupted supplies in the domestic market, which will support prices, according to analysts at SMC Global Securities. However, sluggish exports and adequate stocks with millers are likely to cap the rise in prices, the brokerage said. Jeera futures are likely to trade in the range of 24,500-27,000 rupees in the near term.
Prices of CORIANDER rose 0.1% to 7,010 rupees per 100 kg due to fears of a fall in production, according to SMC Global Securities. However, political unrest and uncertainty about new export policies in Bangladesh could weigh on market sentiments, the brokerage said. Coriander is likely to trade in the range of 6,900-7,400 rupees in the near term.
In Rajasthan's Ramganj Mandi, prices of the scooter variety of coriander were steady at 6,900-7,300 rupees per 100 kg, local traders said. Arrivals were at 3,200 bags, down 1,800 bags (1 bag = 50 kg), said Manish Gupta, a local trader.
TURMERIC ended steady at 15,876 rupees per 100 kg today. Bleak overseas demand could weigh on the commodity, according to SMC Global Securities. However, reduced supplies and delayed sowing in Maharashtra due to heavy rainfall in recent weeks could support prices. In the near term, turmeric futures are seen at 16,100-17,000 rupees per 100 kg, it said.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 7,010 | 8 |
Jeera Aug | NCDEX | 100 | 26,670 | 270 |
Turmeric Oct | NCDEX | 100 | 15,876 | -- |
End
Edited by Saji George Titus
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