India Spices
All up; jeera prices up on higher export demand
This story was originally published at 20:56 IST on 14 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices closed in the green on the National Commodity and Drivatives Exchange Monday. Jeera futures rose in anticipation of higher export demand while coriander futures rose due to ongoing buying ahead of festivals, according to analysts.
The most active October contract of CORIANDER rose 0.3% to INR 7,468 per 100 kg due to increased demand ahead of festivals, according to SMC Global Securities. Moreover, anticipation of a further increase in coriander seed demand in the coming days when sowing commences also supported prices. However, gains will be limited owing to heavy carry-over stocks, the brokerage said. In the near term, jeera futures are expected to trade in the range of INR 25,200-26,500 per 100 kg.
The most active October JEERA futures rose 0.6% to INR 26,000 per 100 kg on hope of an increase in export demand, according to SMC Global Securities. Reduced supplies from Syria and Turkey boosted export prospects of Indian Jeera as it remains competitive in the global market. In addition, supplies reduced as farmers and stockists were reluctant to release their stocks, which also supported prices. However, heavy inventories could cap the gains, the brokerage said. In the near term, jeera futures are expected to trade in the range of INR 25,200-26,500 per 100 kg.
The most active October contract of TURMERIC rose 1.4% to INR 13,758 per 100 kg due to firm demand ahead of festivals and tighter stocks, according to SMC Global Securites. Gains, however, will be limited due to tumbling export demand from Iran and Bangladesh, according to the brokerage. In the near term, turmeric prices are expected to move in the range of INR 13,000-13,800 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,468 | 58 |
Jeera Oct | NCDEX | 100 | 26,000 | 155 |
Turmeric Oct | NCDEX | 100 | 13,758 | 184 |
End
Edited by Deepshikha Bhardwaj
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