India Spices
All up; jeera, coriander up on firm festival demand
This story was originally published at 18:54 IST on 18 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices rose Friday on the National Commodity and Derivatives Exchange. Jeera futures rose amid anticipation of an increase in export demand and the ongoing demand ahead of festivals and coriander futures also rose on festival buying and expectations of a rise in seed demand during sowing, according to analysts.
The most-active October JEERA futures rose 0.7% to INR 25,115 per 100 kilogram, due to hopes of an increase in export demand and festival season demand, according to SMC Global Securities. Moreover, stockists are reluctant to sell at the moment, which is also supporting prices, the brokerage said. In the near term, jeera futures are expected to trade in the range of INR 24,500-25,300 per 100 kg.
The most-active October contract of TURMERIC rose 0.8% INR 13,700 per 100 kg as supplies remained down in the domestic market, according to SMC Global Securities. However, bleak export demand driven by the ongoing tensions in West Asia, could weigh on prices, the brokerage said. In the near term, turmeric futures are expected to trade in the range of INR 13,300-14,000.
The most-active October contract of CORIANDER rose 1% to INR 7,498 per 100 kg due to demand ahead of festivals and likely demand for the seed ahead of sowing, according to SMC Global Securities. However, owing to heavy carry-over stocks, gains were limited, the brokerage said. In the near term, coriander futures are expected to trade in the range of INR 7,250-7,630 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,498 | 72 |
Jeera Oct | NCDEX | 100 | 25,115 | 261 |
Turmeric Oct | NCDEX | 100 | 13,700 | 935 |
End
Edited by Vidhi Verma
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