India Spices
Jeera up; coriander down on reduced buying from China
This story was originally published at 21:36 IST on 30 August 2024
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By Anjali Lavania
MUMBAI – Futures contracts of turmeric and coriander fell today on the National Commodity and Derivatives Exchange. Prices of jeera rose today on the exchange. Jeera futures prices are likely to trade on a positive note due to aggressive buying in local markets across the country, SMC Global Securities said.
The most-active September JEERA futures rose 0.5% to 25,675 rupees per 100 kg due to improvement in domestic demand during the festival season. Moreover, the supply of jeera fell at major trading centres due to hoarding, which is likely to support upward movement in prices, according to the brokerage. 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 0.3% to 13,372 rupees per 100 kg on poor quality arrivals in domestic mandis and increased imports, according to SMC Global Securities. With favourable weather conditions in Maharashtra and Karnataka, acreage under turmeric cultivation is expected to increase by 10-13% in the upcoming season, according to the brokerage. Turmeric production is expected to increase by 6% on year to 1.14 mln tn in the year 2025-26, SMC Global Securities said. Turmeric futures are expected to trade in the range of 13,100-14,000 rupees in the near term.
The most-active September contract of CORIANDER fell 0.5% to 6,950 rupees per 100 kg on reduced buying from China in recent months, which has impacted the overall commodity prices adversely, according to SMC Global Securities. Coriander futures will likely trade at 6,700-7,100 rupees.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 6,950 | (-)40 |
Jeera Sep | NCDEX | 100 | 25,675 | 140 |
Turmeric Oct | NCDEX | 100 | 13,372 | (-)46 |
End
Edited by Akul Nishant Akhoury
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