India Spices
Turmeric up as stocks tight; coriander dn on weak export demand
This story was originally published at 19:46 IST on 9 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of turmeric rose and jeera were steady on the National Commodity and Derivatives Exchange Wednesday. Turmeric futures rose as stocks have been tighter and jeera futures were steady despite firm domestic demand, according to analysts. Meanwhile, coriander contracts fell on the exchange.
The most-active October JEERA futures contract was steady at INR 26,195 per 100 kg. Improving demand prospects in the domestic market as sowing activities commence next month could support prices, according to SMC Global Securities. However, dampening export prospects due to mounting tension in West Asia amid the ongoing conflict could weigh on prices, 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.
The most-active October contract of TURMERIC was up 0.2% at INR 13,400 per 100 kg, due to firm demand ahead of festivals amid tighter stocks, according to SMC Global Securities. However, poor export demand from West Asia amid the ongoing conflict could cap gains, the brokerage said. In the near term, turmeric prices are expected to move within the range of INR 14,000-14,900 per 100 kg.
The price of turmeric in the benchmark market of Nizamabad in Telangana was steady at INR 14,000 per 100 kg. Arrivals were estimated at 600 bags (1 bag = 40 kg), Amrutlal Kataria, a local trader, said.
The most-active October contract of CORIANDER was down 0.4% at INR 7,248 per 100 kg due to weak export demand weighing on the prices, according to SMC Global Securities. However, firm festival demand could support the prices, it said. In the near term, coriander prices are expected to trade in the range of INR 7,300–INR 7,750 per 100 kg, the brokerage said.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,248 | (-)28 |
Jeera Oct | NCDEX | 100 | 26,195 | 10 |
Turmeric Oct | NCDEX | 100 | 13,400 | 30 |
End
Edited by Manisha Baxla
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