Indian Spices
Most down; coriander falls on poor export demand, jeera up
This story was originally published at 17:46 IST on 4 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and turmeric fell on the National Commodity and Derivatives Exchange on Friday, while those of jeera rose. Turmeric futures fell due to surging selling pressure, while coriander futures fell due to subdued export demand, analysts said.
At 1605 IST, the most-active October contract of TURMERIC was down 2.5% at INR 13,312 per 100 kg due to expectations of higher production and poor export as well as 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 13,500-14,300 per 100 kg.
At 1603 IST, the most-active October contract of CORIANDER was down 0.4% at INR 7,236 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 7,250–7,550 per 100 kg, the brokerage said.
In Rajasthan's Ramganj Mandi, prices of the scooter variety of coriander were down INR 100 at INR 7,100-7,600 per 100 kg, said Manish Gupta, a local trader. Arrivals were at 3,200 bags (1 bag = 50 kg), down 400 bags from the previous day, Gupta said.
At 1603 IST, the most-active October JEERA futures contract was up 0.1% at INR 26,440 per 100 kg due to improving demand prospects in the domestic market, according to SMC Global Securities. However, due to excessive supplies, arrivals increased post the recent rise in prices, the brokerage said. In the near term, jeera prices are expected to trade in a range of INR 25,500-26,200 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,236 | (-)28 |
Jeera Oct | NCDEX | 100 | 26,440 | 35 |
Turmeric Oct | NCDEX | 100 | 13,312 | (-)342 |
End
Edited by Tanima Banerjee
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