India Spices
All down; turmeric down on selling pressure
This story was originally published at 16:41 IST on 3 October 2024
Register to read our real-time news.Informist, Thursday, Oct. 3, 2024
By Taniva Singha Roy
MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange Thursday. Turmeric futures fell due to surging selling pressure while jeera futures fell due to increased arrivals in the local market, analysts said.
At 1324 IST, the most-active October contract of TURMERIC was down 1.7% at INR 13,658 per 100 kg due to expectations of higher production and poor export and domestic demand, SMC Global Securities said. However, losses will be limited as domestic demand is firm ahead of festivals, according to the brokerage. In the near term, turmeric prices are expected to move in the range of INR 13,500-INR 14,300 per 100 kg.
At 1523 IST, the most-active October JEERA futures contract was down 0.2% at INR 26,285 per 100 kg due to excessive supplies as arrivals increased after the recent rise in prices, according to SMC Global Securities. However, prices of jeera are expected to remain firm in the near term because of improving demand prospects. Seed demand for jeera is expected to rise with the upcoming sowing season, starting next month, the brokerage said. In the near term, prices of jeera are expected to trade in a range of INR 25,500 to INR 26,200 per 100 kg.
At 1523 IST, the most-active October contract of CORIANDER was down 1.3% at INR 7,308 per 100 kg due to weak export demand weighing on prices, according to SMC Global Securities. However, firm festival demand could support prices, it said. In the near term, coriander prices are expected to trade in the range of INR 7,350–INR 7,700 per 100 kg, the brokerage said.
In Rajasthan's Ramganj Mandi, prices of coriander were unavailable as markets were shut on account of the Navaratri festival, said Manish Gupta, a local trader.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,308 | (-)94 |
Jeera Oct | NCDEX | 100 | 26,285 | (-)50 |
Turmeric Oct | NCDEX | 100 | 13,658 | (-)236 |
End
Edited by Vidhi Verma
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:
