India Spices
Jeera up; coriander down on higher carry forward stocks
This story was originally published at 20:26 IST on 17 September 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander fell, jeera rose, and turmeric were steady on the National Commodity and Derivatives Exchange today. Coriander futures fell due to higher carry forward stocks in the market, according to market participants.
The most-active October contract of CORIANDER fell 0.6% to 7,264 rupees per 100 kg, due to higher carry forward stocks in the market, according to SMC Global Securities. However, a slower pace of arrivals in the domestic market amid demand ahead of festivals could push up prices, according to SMC Global Securities. In the near term, coriander futures are likely to trade in the range of 7,200-7,850 rupees.
Prices of coriander were unavailable as the Ramganj mandi in Rajasthan was shut on account of the last day of Ganesh festival, said local trader Manish Gupta.
The most-active October contract of TURMERIC was steady at 14,424 rupees per 100 kg. Muted buying in the local market and bleak export demand could weigh on turmeric prices, according to SMC Global Securities. However, weak production prospects and limited availability of quality produce may lead to aggressive buying on every fall in prices, the brokerage said. Turmeric futures are likely to trade in the range of 17,200-18,400 rupees.
The most-active October JEERA futures contract rose 1% to 25,970 rupees per 100 kg on improved demand prospects ahead of festivals, according to SMC Global Securities. Demand for jeera is likely to improve as sowing commences from next month. Exports have also improved in recent weeks as Indian prices have turned competitive, according to the brokerage. In the near term, jeera futures are likely to trade in the range of 27,800-30,000 rupees.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 7,264 | (-)42 |
Jeera Oct | NCDEX | 100 | 25,970 | 255 |
Turmeric Oct | NCDEX | 100 | 14,424 | (-)2 |
End
Edited by Ashish Shirke
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