India Spices
Coriander, jeera up on increased demand; turmeric down
This story was originally published at 20:06 IST on 26 August 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera rose and turmeric declined today on the National Commodities and Derivatives Exchange. Coriander futures prices rose as stockists are buying at the prevailing rates, while jeera prices rose amid a surge in demand in the domestic market, market participants said.
Prices of CORIANDER rose 1.7% to 6,888 rupees per 100 kg due to increasing demand at the prevailing market rates and weak production prospects, according to analysts at SMC Global Securities. However, weak export demand from China and Bangladesh will likely weigh on the price, the brokerage said. Coriander futures will likely trade around 6,700-7,000 rupees in the near term.
The most active September JEERA futures rose 0.2% to 25,370 rupees per 100 kg due to a surge in demand in the domestic market ahead of festivals and overseas demand, SMC Global said. However, the availability of carryover stocks could weigh on prices, according to the brokerage. In the near term, jeera futures are likely to trade in the range of 24,700-26,000 rupees.
The most active October contract of Turmeric fell 4.3% to 13,900 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 14,000-15,300 rupees in the upcoming week.
Nizamabad in Telangana, the benchmark market for turmeric, was shut on account of Janmashtami festival, local trader Amrutlal Kataria said.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 6,888 | 114 |
Jeera Sep | NCDEX | 100 | 25,370 | 45 |
Turmeric Oct | NCDEX | 100 | 13,900 | (-)620 |
End
Edited by Saji George Titus
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