India Spices
Coriander up; jeera down on subdued export demand
This story was originally published at 19:57 IST on 20 August 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of jeera and turmeric fell on the National Commodity and Derivatives Exchange today, and those of coriander rose. Jeera futures fell due to subdued export demand, while those of turmeric fell in anticipation of an increase in production, according to analysts at SMC Global Securities.
The most active September JEERA futures were down 2.5% at 24,650 rupees per 100 kg as overseas demand was muted, according to SMC Global Securities. Supplies increased from China, Syria, Turkey and Afghanistan, leading to a fall in demand for Indian jeera, according to SMC Global Securities. In the near term, Jeera futures are likely to trade in the range of 24,800-26,000 rupees.
The most active October contract of turmeric fell 1.1% to 16,080 rupees per 100 kg, due to improved prospects of production, according to SMC Global Securities. However, firm demand ahead of festivals and prospects of resumption of trade activities with Bangladesh could lift prices. Turmeric futures are expected to trade in the range of 16,000-16,700 rupees in the upcoming week.
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 600 bags (1 bag = 40 kg), down 400 bags from the previous day, local trader Amrutlal Kataria said.
Prices of CORIANDER were up 0.2% at 6,820 rupees per 100 kg. An increase in demand amid the recent fall in prices supported rates, SMC Global Securities said. However, subdued 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.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 6,820 | 12 |
Jeera Sep | NCDEX | 100 | 24,650 | (-)625 |
Turmeric Oct | NCDEX | 100 | 16,080 | (-)186 |
End
Edited by Deepshikha Bhardwaj
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