India Spices
Jeera, coriander up on firm demand, turmeric down
This story was originally published at 19:13 IST on 11 September 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera rose on the National Commodity and Derivative Exchange on firm demand, while those of turmeric fell on profit booking, market participants said.
The most active September contract of CORIANDER rose 0.7% to 6,902 rupees per 100 kg due to firm domestic demand ahead of festivals. However, heavy stocks in the market amid limited export demand could weigh on prices, SMC Global Securities said. Coriander futures are likely to trade in the range of 6,850-7,350 rupees in the near term.
The most active October JEERA futures contract rose 0.5% to 25,500 rupees per 100 kg due to shrinking supplies in the global market and improved export demand, SMC Global Securities said. Firm festival demand also supported prices. However, gains will be limited, mainly due to stocks with millers and stockists, the brokerage said. In the near term, jeera futures are likely to trade in the range of 24,300-26,000 rupees.
The most active October contract of TURMERIC fell 1% to 14,040 rupees per 100 kg due to profit-booking, SMC Global Securities said. However, overall stocks are estimated to be down by 25% on year in 2024-25 because of lower production in the current season. Turmeric futures are expected to trade in the range of 13,800-14,500 in the near term.
The spot price of turmeric in the benchmark market of Nizamabad in Telangana was flat at 14,000 rupees per 100 kg. Arrivals were estimated at 600 bags (1 bag = 40 kg) today, up 200 bags from the previous day, Amrutlal Kataria, a local trader, said.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 6,902 | 52 |
Jeera Oct | NCDEX | 100 | 25,500 | 140 |
Turmeric Oct | NCDEX | 100 | 14,040 | (-)128 |
End
Edited by Saji George Titus
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