India Spices
Coriander down; turmeric down on bleak export demand
This story was originally published at 16:51 IST on 12 August 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and turmeric fell on the National Commodity and Derivatives Exchange today, while those of jeera rose. Turmeric futures fell due to bleak export demand, according to analysts at SMC Global Securities.
TURMERIC futures fell due to bleak overseas demand amid ongoing political conflicts in Bangladesh, 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.
At 1451 IST, prices of CORIANDER fell 0.8% to 6,924 rupees per 100 kg as political unrest and uncertainty about new export policies in Bangladesh weighed on market sentiments, according to SMC Global Securities. Moreover, demand from China has also fallen in recent months, the report said. However, fears of a fall in production could support prices, according to SMC Global Securities. 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 down by 50–100 rupees at 6,850-7,200 rupees per 100 kg, local traders said. Arrivals were at 5,000 bags, up 600 bags (1 bag = 50 kg), said Manish Gupta, a local trader.
At 1453 IST, JEERA futures rose to 26,300 rupees per 100 kg, up 0.7%, 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 24,500-27,000 rupees per 100 kg, according to analysts at SMC Global Securities.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 6,924 | (-)60 |
Jeera Sep | NCDEX | 100 | 26,270 | 150 |
Turmeric Oct | NCDEX | 100 | 16,000 | (-)396 |
End
Edited by Akul Nishant Akhoury
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