India Spices
All up; coriander up on tighter domestic supplies
This story was originally published at 17:59 IST on 29 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices rose on the National Commodity and Derivatives Exchange Tuesday. Jeera futures rose as seasonal demand is expected to improve, while coriander rose due to tighter domestic supplies and turmeric rose in anticipation of an increase in demand in the current week, according to analysts.
At 1626 IST, the most-active December contract of TURMERIC rose 0.4% to INR 13,158 per 100 kg due to anticipation of an increase in demand during the coming weeks, amid tighter warehouse stocks, according to SMC Global Securities. However, muted domestic demand and higher production prospects for the upcoming season could weigh on prices, according to SMC Global Securities. Crop conditions in Maharashtra and Telangana improved due to favourable weather. In the near term, turmeric prices are likely to trade in the range of INR 13,000-13,900.
At 1627 IST, the most-active November contract of CORIANDER rose 0.6% to INR 7,250 per 100 kg, amid anticipation of tighter domestic supplies, according to SMC Global Securities. However, improved sowing conditions in northern India could weigh on market sentiments, according to the brokerage. In the near term, coriander futures are expected to trade in the range of INR 7,050-7,500 per 100 kg.
At 1624 IST, the most-active November JEERA futures rose 0.4% to INR 24,500 per 100 kg as seasonal demand is expected to improve, according to SMC Global Securities. However, stockists released stocks in fear of a further fall in prices, which also weighed on prices, the brokerage said. In the near term, jeera is likely to trade in the range of INR 24,000-25,550 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,250 | 44 |
Jeera Nov | NCDEX | 100 | 24,500 | 95 |
Turmeric Dec | NCDEX | 100 | 13,158 | 50 |
End
Edited by Vidhi Verma
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