India Spices
Most up; jeera gains on anticipation of firm seed demand
This story was originally published at 17:52 IST on 7 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander on the National Commodity and Derivatives Exchange fell Monday, while contracts of jeera and turmeric rose. Jeera futures rose in anticipation of firm seed demand for sowing, and turmeric gained due to higher export demand, analysts said.
At 1616 IST, the most-active October JEERA futures contract was up 1% at INR 26,040 per 100 kg due to improving demand prospects in the domestic market as sowing activities commence next month, according to SMC Global Securities. However, due to excessive supplies, arrivals increased after the recent rise in prices, the brokerage said. In the near term, jeera prices are expected to trade in a range of INR 25,200-26,300 per 100 kg.
At 1617 IST, the most-active October contract of TURMERIC was up 3.4% at INR 14,252 per 100 kg due to higher export demand, according to SMC Global Securities. India exported about 15,110 tonnes of turmeric in July compared to 13,800 tonnes a year ago, according to the report. In the near term, turmeric prices are expected to move within the range of INR 13,000 and INR 13,900 per 100 kg.
At 1615 IST, the most-active October contract of CORIANDER was down 0.4% at INR 7,238 per 100 kg due to weak export demand, according to SMC Global Securities. However, firm festival demand could support prices, it said. In the near term, coriander prices are expected to move in the range of INR 7,150–7,250 per 100 kg, the brokerage said.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,238 | (-)32 |
Jeera Oct | NCDEX | 100 | 26,040 | 230 |
Turmeric Oct | NCDEX | 100 | 14,252 | 472 |
End
Edited by Avishek Dutta
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