India Spices
All down; jeera prices fall on adequate supply
This story was originally published at 20:43 IST on 23 August 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices fell on the National Commodities and Derivatives Exchange today. Jeera prices fell due to adequate supplies in the domestic market, according to analysts at SMC Global Securities.
The most active September JEERA futures were down 0.3% at 25,200 rupees per 100 kg as there were adequate supplies in the global and domestic market, according to SMC Global Securities. However, an increase in demand in the wake of a series of festivals ahead is likely to support prices. 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 4.2% to 14,540 rupees per 100 kg, due to improved prospects of higher 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 700 bags (1 bag = 40 kg), up 100 bags from the previous day, local trader Amrutlal Kataria said.
Prices of CORIANDER were down 0.2% at 6,770 rupees per 100 kg, due to weak demand from China, according to SMC Global Securities. However, active demand from stockists at the prevailing rate will restrict the major downfall in prices, SMC Global Securities 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 | 6,770 | (-)12 |
Jeera Sep | NCDEX | 100 | 25,200 | (-)70 |
Turmeric Oct | NCDEX | 100 | 14,540 | (-)640 |
End
Edited by Akul Nishant Akhoury
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