India Spices
All down; coriander down on profit booking, poor export demand
This story was originally published at 18:54 IST on 22 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange Tuesday. Coriander prices fell due to profit bookings and falling export demand, while jeera prices fell due to ample supplies in the market, according to analysts.
The most-active October contract of CORIANDER fell 0.4% to INR 7,450 per 100 kilograms due to profit booking and tumbling export demand, according to SMC Global Securities. Heavy carry-over stocks also weighed on prices, according to the report. 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 7,310-7,550 per 100 kg.
The most-active October JEERA futures fell 0.2% to INR 25,250 per 100 kg due to ample supplies, according to SMC Global Securities. However, an increase in export demand and festival season demand could limit the losses, according to SMC Global Securities. In the near term, jeera is likely to trade in the range of INR 24,500-26,000 per 100 kg.
The most-active October contract of TURMERIC fell 1.6% INR 13,642 per 100 kg, due to bleak export demand driven by the ongoing tensions in West Asia and anticipation of release of stocks in the market by stockists ahead of the commencement of the new crop season, according to SMC Global Securities. However, concerns about crop damage caused by heavy rainfall could cap the losses, according to Kedia Advisory. In the near term, turmeric futures are expected to trade in the range of INR 13,300-14,200.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Oct | NCDEX | 100 | 7,450 | (-)30 |
Jeera Oct | NCDEX | 100 | 25,250 | (-)40 |
Turmeric Oct | NCDEX | 100 | 13,642 | (-)216 |
End
Edited by Vidhi Verma
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