India Spices
Most up; turmeric gains on concern about falling yields
This story was originally published at 17:23 IST on 5 November 2024
Register to read our real-time news.Informist, Tuesday, Nov. 5, 2024
By Taniva Singha Roy
MUMBAI – Futures contracts of turmeric and coriander rose on the National Commodity and Derivatives Exchange Tuesday, while jeera futures fell. Turmeric prices rose due to concerns about lower yields, while coriander futures rose due to higher demand during the ongoing wedding season, according to analysts.
At 1546 IST, the most-active December contract of TURMERIC was up 0.6% at INR 12,810 per 100 kg because of dampening prospects of yield due to the widespread Karpa disease in the turmeric crop in Maharashtra, according to SMC Global Securities. Tighter inventories across India amid higher export demand also supported prices, the brokerage said. In the near term, turmeric prices are likely to stand in the range of INR 12,400-INR 13,200.
At 1513 IST, the most-active November contract of CORIANDER was up 0.2% at INR 7,220 per 100 kg due to higher demand during the ongoing wedding season, according to SMC Global Securities. However, muted export demand could cap the gains, according to the brokerage. Improved sowing conditions in north India could also weigh on market sentiment, the brokerage said. In the near term, coriander futures are expected to trade in the range of INR 7,100-7,500 per 100 kg.
At 145 IST, the most-active December JEERA contract was down 0.3% at INR 23,665 per 100 kg. Prices have fallen further as stockists released stocks anticipating a further decline in prices, according to SMC Global Securities. Farmers are estimated to hold about 35% of the current season's stock, and the carryover stock at the start of the new season is projected to be around 2.0 million bags, which is pushing down prices further, Kedia said.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,220 | 16 |
Jeera Dec | NCDEX | 100 | 23,665 | (-)60 |
Turmeric Dec | NCDEX | 100 | 12,810 | 78 |
End
Edited by Avishek Dutta
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