India Spices
Most rise; turmeric up on crop damage concerns amid heavy rain
This story was originally published at 19:08 IST on 21 October 2024
Register to read our real-time news.Informist, Monday, Oct. 21, 2024
By Taniva Singha Roy
MUMBAI – Futures contracts of jeera and turmeric rose on the National Commodity and Derivatives Exchange Monday, while those of coriander fell. Jeera prices were up driven by short covering and firm demand from exporters, and turmeric rose due to potential crop damage caused by heavy rainfall, according to analysts.
The most-active October JEERA futures rose 0.3% to INR 25,260 per 100 kilograms, due to an increase in export demand and festival season demand, according to SMC Global Securities. However, the upside may be capped due to an increase in arrivals, according to Kedia Advisory. In the near term, jeera is likely to trade in the range of INR 24,940-25,470 per 100 kg.
The most-active October contract of TURMERIC rose 1.2% INR 13,860 per 100 kg, due to concerns of crop damage caused by heavy rainfall, according to Kedia Advisory. However, bleak export demand driven by the ongoing tensions in West Asia, could weigh on prices, according to SMC Global Securities. In the near term, turmeric futures are expected to trade in the range of INR 13,586-14,000.
The most-active October contract of CORIANDER fell 0.4% to INR 7,462 per 100 kg owing to heavy carry-over stocks, according to SMC Global Securities. However, losses were limited due to demand ahead of festivals and likely demand for the seed ahead of sowing, the brokerage said. In the near term, coriander futures are expected to trade in the range of INR 7,350-7,700 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,462 | (-)28 |
Jeera Oct | NCDEX | 100 | 25,260 | 85 |
Turmeric Oct | NCDEX | 100 | 13,860 | 158 |
End
Edited by Manisha Baxla
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
