India Spices
Jeera up on hope of firm festival demand; turmeric up
This story was originally published at 20:30 IST on 24 September 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of jeera and turmeric rose on the National Commodity and Derivatives Exchange today, while those of coriander was steady. Jeera prices rose due to the prospects of an improvement in demand with the festival season underway, according to SMC Global Securities.
The most active October JEERA futures contract rose nearly 1% to 26,940 rupees per 100 kg. Jeera prices are expected to remain firm in the near term because of improving demand prospects, according to the brokerage. "Active festive demand, which contrasts with previously muted demand, is a key factor likely to support the current firmness in prices."
The most active October contract of TURMERIC rose nearly 1.4% to 14,544 rupees per 100 kg, due to firm domestic demand ahead of festivals, according to SMC Global Securities. However, gains will be limited as there is anticipation of higher production and poor export demand, according to the brokerage. In the near term, turmeric prices are expected to move in the range of 14,000 to 15,000 rupees per 100 kg.
The spot price of turmeric in the benchmark market of Nizamabad in Telangana rose by 500 rupees to 14,500 rupees per 100 kg. Arrivals were estimated at 700 bags (1 bag = 40 kg), Amrutlal Kataria, a local trader, said.
The most active October contract of CORIANDER was steady at 7,292 rupees per 100 kg. Prices could fall due to poor export demand, according to SMC Global Securities. However, firm demand in the local market could also support prices, according to the brokerage. In the near term, coriander prices are likely to move in the range of 7,250-7,600 rupees, supported by both higher demand for consumption and for seeds for sowing.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Oct | NCDEX | 100 | 7,292 | (-)4 |
Jeera Oct | NCDEX | 100 | 26,940 | 270 |
Turmeric Oct | NCDEX | 100 | 14,544 | 194 |
End
Edited by Akul Nishant Akhoury
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