India Spices
Most down; turmeric down on poor export demand
This story was originally published at 19:06 IST on 16 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of turmeric and jeera fell on the National Commodity and Derivatives Exchange Wednesday, while coriander rose. Jeera futures fell due to the availability of heavy inventories, and turmeric futures fell due to tumbling export demand, according to analysts.
At 1620 IST, the most-active October JEERA futures fell 1.5% to INR 25,110 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.
At 1622 IST, the most-active October contract of TURMERIC fell 1% to INR 13,700 per 100 kg due to tumbling export demand from Iran and Bangladesh, according to SMC Global Securities. However, firm demand ahead of festivals and a fall in arrivals could support prices, 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.
At 1624 IST, the most-active October contract of CORIANDER rose 1% to INR 7,540 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.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,540 | 70 |
Jeera Oct | NCDEX | 100 | 25,110 | (-)390 |
Turmeric Oct | NCDEX | 100 | 13,700 | (-)142 |
End
Edited by Vidhi Verma
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