India Spices
Down; coriander falls on reduced buying from China
This story was originally published at 21:41 IST on 3 September 2024
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By Anjali Lavania
MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange today. Turmeric futures fell due to muted export demand, SMC Global Securities said.
The most active September JEERA futures contract fell 0.6% to 26,100 rupees per 100 kg due to the availability of huge stocks with millers and stockists, according to SMC Global Securities. However, the forecast of heavy rainfall could be harmful for crops in some places in Maharashtra, which will support prices in the long run, the brokerage said. In the near term, jeera futures are seen at 25,000-26,500 rupees.
The most active September contract of CORIANDER fell 1.2% to 6,884 rupees per 100 kg, due to reduced buying from China in recent months, which has impacted the overall coriander market negatively, according to SMC Global Securities. Coriander futures are seen at 6,700-7,100 rupees. In Rajasthan's Ramganj Mandi, coriander prices were steady at 6,750-7,150 rupees today with arrivals at 4,000-4,500 bags (1 bag = 50 kg), said Manish Gupta, a local trader.
The most active October contract of TURMERIC fell 1.5% to 13,430 rupees per 100 kg due to muted demand and bumper production, according to SMC Global Securities. With favourable weather conditions in Maharashtra and Karnataka, area under turmeric is expected to increase by 10-13% in the upcoming season, according to the brokerage.
Turmeric production is expected to increase 6% on year to 1.14 mln tn in 2025-26, SMC Global Securities said. However, heavy rainfall in Andhra Pradesh, one of the major turmeric growing regions, may support prices in coming weeks, the brokerage said. Turmeric futures are seen in the range of 13,100-14,000 rupees in the near term.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 6,884 | (-)82 |
Jeera Sep | NCDEX | 100 | 26,100 | (-)160 |
Turmeric Oct | NCDEX | 100 | 13,430 | (-)200 |
End
Edited by Aditya Sakorkar
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