India Spices
Jeera dn on good arrivals, coriander on dip in export demand
This story was originally published at 17:01 IST on 23 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera fell on the National Commodity and Derivatives Exchange Wednesday, while those of turmeric rose. Coriander futures fell as exports tumbled and jeera futures fell on adequate supplies, according to analysts.
At 1522 IST, the most-active November JEERA futures contract fell 0.8% to INR 25,120 per 100 kg, according to SMC Global Securities. In the market at Unjha in Gujarat, daily arrivals of jeera ranged between 12,000 and 17,000 bags, with 60% coming from Rajasthan and the rest from local farmers, traders, and stockists, according to Kedia Advisory. 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.
At 1524 IST, the most-active November contract of CORIANDER fell 1.2% to INR 7,370 per 100 kg as export demand tumbled, according to SMC Global Securities. Heavy carry-over stocks also weighed on prices, according to the brokerage's report. However, losses were limited by festival season demand and likely demand for the seed ahead of sowing, it 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 December contract of TURMERIC rose 0.3% to INR 13,700 per 100 kg on concerns of crop damage caused by heavy late rainfall, according to Kedia Advisory. However, bleak export demand driven by the continuing geopolitical crisis 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.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,370 | (-)88 |
Jeera Nov | NCDEX | 100 | 25,120 | (-)190 |
Turmeric Dec | NCDEX | 100 | 13,700 | 44 |
End
Edited by Rajeev Pai
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