India Spices
Turmeric dn on expectation of higher output, coriander steady
This story was originally published at 18:12 IST on 30 October 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of jeera and turmeric fell on the National Commodity and Derivatives Exchange Wednesday, while the coriander contract was steady. Turmeric prices fell on muted demand and expectations of higher production, according to analysts.
At 1612 IST, the most-active November contract of CORIANDER was flat at INR 7,242 per 100 kilograms. Anticipation of tighter domestic supplies could support prices, according to SMC Global Securities. However, improved sowing conditions in northern India could weigh on market sentiments, the brokerage said. In the near term, coriander futures are expected to trade in the range of INR 7,050-7,500 per 100 kg.
At 1614 IST, the most-active November JEERA was down 0.2% at INR 23,910 per 100 kg as stockists released stocks on fears of a further fall in prices, according to SMC Global Securities. However, prices could rise as seasonal demand is expected to improve, the brokerage said. In the near term, jeera is likely to trade in the range of INR 24,000-25,550 per 100 kg.
At 1614 IST, the most-active December contract of TURMERIC fell 0.3% to INR 13,142 per 100 kg due to muted domestic demand and higher production prospects, according to SMC Global Securities. However, shrinking supplies and anticipation of an increase in demand during the coming weeks, amid tighter warehouse stocks, could support prices. In the near term, turmeric prices are likely to trade in the range of INR 13,000-13,900.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,242 | 0 |
Jeera Nov | NCDEX | 100 | 23,910 | (-)50 |
Turmeric Dec | NCDEX | 100 | 13,142 | (-)36 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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