India Spices
Jeera up on export demand; turmeric dn on profit-taking
This story was originally published at 20:58 IST on 12 September 2024
Register to read our real-time news.Informist, Thursday, Sep 12, 2024
By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera rose on the National Commodity and Derivatives Exchange today, while those of turmeric fell. Jeera futures rose on account of improved export demand, while coriander futures rose due to improved demand in the domestic market, according to market participants.
The most active October JEERA futures contract rose 0.5% to 25,700 rupees per 100 kg as supplies in the global market shrank even as export demand improved, SMC Global Securities said. Supplies declined across India, too, as stockists showed fair interest in buying the spice in expectation of a rise in prices. However, the gains in prices will be limited, mainly on account of the stocks currently with millers and stockists, the brokerage said. In the near term, jeera futures are likely to trade in the range of 25,000-26,000 rupees.
The most active October contract of CORIANDER rose 0.2% to 6,918 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, it said.
The most active October contract of TURMERIC fell 2.6% to 13,680 rupees per 100 kg on account of selling for profit, 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 300 bags (1 bag = 40 kg), down 300 bags from Wednesday, Amrutlal Kataria, a local trader, said.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Oct | NCDEX | 100 | 6,918 | 12 |
Jeera Oct | NCDEX | 100 | 25,700 | 130 |
Turmeric Oct | NCDEX | 100 | 13,680 | (-)326 |
End
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
