India Spices
Coriander, turmeric up, jeera dn on muted export demand
This story was originally published at 18:59 IST on 16 August 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of jeera declined on the National Commodity and Derivatives Exchange today on continued worries about export prospects, while those of turmeric and coriander rose, analysts said.
Turmeric prices rose 1.2% to 16,112 rupees per 100 kg, due to supply concerns, according to SMC Global Securities. There has been a significant decline in turmeric supplies at major trading centres due to lower production. Due to this, Indian millers have turned to imports to meet demand, the brokerage said. Turmeric futures are expected to trade in the range of 15,700-16,300 in the coming weeks.
The spot price of turmeric in the benchmark market of Nizamabad in Telangana was steady at 15,700 rupees per 100 kg. Arrivals were estimated at 1,000 bags (1 bag = 40 kg), up 200 bags from the previous day, local trader Amrutlal Kataria said.
Prices of CORIANDER were up 0.2% at 6,784 rupees per 100 kg. An increase in demand amid the recent fall in prices could support prices, SMC Global Securities said. However, bleak export demand from Bangladesh due to political unrest could weigh on prices, analysts said. Coriander futures will likely trade around 6,700-7,000 rupees in the near term.
In Rajasthan's Ramganj Mandi, scooter variety prices 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).
JEERA futures fell 1% to 25,115 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 24,800-26,000 rupees per 100 kg, according to analysts at SMC Global Securities.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 6,784 | 12 |
Jeera Sep | NCDEX | 100 | 25,115 | (-)230 |
Turmeric Oct | NCDEX | 100 | 16,112 | 198 |
End
Edited by Saji George Titus
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