India Spices
Down on muted export demand amid Bangladesh unrest
This story was originally published at 18:52 IST on 14 August 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange today due to subdued export demand, analysts said. The export demand was muted primarily on account of the continued political unrest in Bangladesh, they said.
Prices of CORIANDER fell 1.4% to 6,760 rupees per 100 kg as political unrest and uncertainty about new export policies in Bangladesh weighed on market sentiments, according to SMC Global Securities. However, shrinking supplies in the domestic market due to heavy rainfall in north India could limit the losses, the brokerage said. In the near term, coriander futures are likely to trade in the range of 6,760-7,200 rupees per 100 kg.
In Rajasthan's Ramganj Mandi, prices of the scooter variety were steady at 6,850-7,200 rupees per 100 kg, Manish Gupta, a local trader, said. Arrivals were steady at 3,500 bags (1 bag = 50 kg).
Turmeric prices were down 1.0% at 15,900 rupees per 100 kg. The prices of futures contracts fell due to bleak export demand from Bangladesh. Bangladesh has been one of the largest buyers of turmeric in recent years, 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 16,000-16,800 rupees per 100 kg, it said.
JEERA futures fell 1.3% to 25,300 rupees per 100 kg, as export demand was muted due to ample stocks in major producing regions. However, increased festival demand could support prices, analysts said. Prices of the commodity are seen at 25,500-26,800 rupees per 100 kg, according to analysts at SMC Global Securities.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 6,760 | (-)94 |
Jeera Sep | NCDEX | 100 | 25,300 | (-)325 |
Turmeric Oct | NCDEX | 100 | 15,900 | (-)142 |
End
Edited by Saji George Titus
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