India Spices
Most up; coriander up on firm demand ahead of festivals
This story was originally published at 21:36 IST on 15 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and turmeric rose on the National Commodity and Derivatives Exchange, while those of jeera fell. Turmeric futures rose on firm demand amid a fall in arrivals and coriander futures rose on firm demand ahead of festivals, analysts said.
The most-active October contract of CORIANDER rose 0.4% to INR 7,490 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, coriander futures are expected to trade in the range of INR 7,250-7,550 per 100 kg.
The most-active October contract of TURMERIC rose 0.7% to INR 13,854 per 100 kg due to firm demand ahead of festivals and a fall in arrivals, 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 13,400-14,300 per 100 kg.
The most-active October JEERA futures fell 2.3% to INR 25,350 per 100 kg due to availability of heavy inventories in the market, according to SMC Global Securities. However, reduced supplies from Syria and Turkey boosted the export prospects of Indian Jeera as it remains competitive in the global market, and this could cap the losses, according to the brokerage. In the near term, jeera futures are expected to trade in the range of INR 25,300-26,500 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,490 | 26 |
Jeera Oct | NCDEX | 100 | 25,350 | (-)590 |
Turmeric Oct | NCDEX | 100 | 13,854 | 92 |
End
Edited by Vidhi Verma
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