India Spices
Jeera, coriander up on firm demand, lower supplies
This story was originally published at 16:45 IST on 8 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of Jeera and coriander rose on the National Commodity and Derivatives Exchange Tuesday on firm demand and lower supplies, analysts said. Turmeric contracts were down on poor export demand, they said.
At 1519 IST, the most-active October JEERA futures contract was up 0.5% at INR 26,235 per 100 kg due to improving demand prospects in the domestic market as sowing activities commence next month, according to SMC Global Securities. However, dampening export prospects due to mounting tension in West Asia amid the ongoing conflict is likely to cap the gains, the brokerage said. In the near term, jeera prices are expected to trade in a range of INR 25,800-26,700 per 100 kg.
At 1521 IST, the most-active October contract of CORIANDER was up 0.8% at INR 7,310 per 100 kg due to falling arrivals, according to SMC Global Securities. Ongoing festival demand and the expectation of a rise in seed demand in coming weeks also supported prices, it said. However, higher carryover stocks could weigh on prices, according to the Brokerage. In the near term, coriander futures are likely to trade in the range of INR 7,300-7,750.
At 1523 IST, the most-active October contract of TURMERIC was down 1.4% at INR 14,020 per 100 kg due to poor export demand from West Asia amid the ongoing conflict, according to SMC Global Securities. However, firm demand ahead of festivals could cap losses, the brokerage said. In the near term, turmeric prices are expected to move within the range of INR 14,000 and INR 14,900 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,310 | 58 |
Jeera Oct | NCDEX | 100 | 26,235 | 130 |
Turmeric Oct | NCDEX | 100 | 14,020 | (-)194 |
End
Edited by Saji George Titus
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