India Spices
Turmeric up on tight domestic supplies, coriander down
This story was originally published at 20:29 IST on 9 September 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of turmeric on the National Commodity and Derivatives Exchange rose and those of coriander fell, while prices of jeera were steady today. Turmeric prices rose due to tighter supplies in the domestic market, according to analysts at SMC Global Securities.
The most active October contract of TURMERIC rose 1.2% to 14,178 rupees per 100 kg due to tighter stocks in the pipeline amid firm demand ahead of festivals, according to MSC Global Securities. Fear of crop damage in Andhra Pradesh and Maharashtra following excessive rainfall in major growing regions also supported prices, according to analysts at SMC Global Securities. In the near term, turmeric futures are expected to trade in the range of 13,500-14,500 rupees per 100 kg.
The spot price of turmeric in the benchmark market of Nizamabad in Telangana was at 14,100 rupees per 100 kg, up 200 rupees from the previous trading day. Arrivals were estimated at 500 bags (1 bag = 40 kg) today, up 300 bags from the previous day, Amrutlal Kataria, a local trader, said.
The most active October JEERA futures contract was steady at 25,085 rupees per 100 kg. Shrinking supplies in the market could support prices, according to SMC Global Securities. In the near term, jeera futures are likely to trade in the range of 24,300-26,500 rupees per 100 kg.
The most active September contract of CORIANDER fell 1% to 6,700 rupees per 100 kg as there are surplus carry-forward stocks in the market amid limited export demand, according to SMC Global Securities. Buying from China and Bangladesh has reduced in recent months, which adversely impacted overall coriander exports, according to the brokerage. In the near term, coriander prices are likely to trade in the range of 6,850-7,350 rupees per 100 kg.
In Rajasthan's Ramganj mandi, prices of the scooter variety of coriander were steady at 6,750-7,100 rupees per 100 kg, said Manish Gupta, a local trader. Arrivals were down 1,000 bags at 4,500 bags (1 bag = 50 kg).
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 6,700 | (-)76 |
Jeera Oct | NCDEX | 100 | 25,085 | 10 |
Turmeric Oct | NCDEX | 100 | 14,178 | 164 |
End
Edited by Avishek Dutta
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