India Spices
Jeera up on hope of fall in output; coriander dn on poor export
This story was originally published at 18:33 IST on 7 November 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of jeera rose on the National Commodity and Derivatives Exchange Wednesday, while those of coriander were down and turmeric was steady. Jeera futures prices rose as the overall area under the crop is likely to fall, leading to a possible lower output, according to analysts.
At 1620 IST, the most-active December JEERA contract was up 1.7% at INR 25,000 per 100 kg as the overall area under Jeera is likely to fall by at least 5-8% and could possibly lead to a lower output, according to SMC Global Securities. However, heavy carryover stocks could limit gains, the brokerage said. In the near term, jeera prices are likely to trade in the range of INR 23,200-24,500 per 100 kg.
At 1621 IST, the most-active December contract of TURMERIC was steady at INR 13,170 per 100 kg. Expectations of a higher acreage for the upcoming season, which is estimated to be 30-35% more than last year, could weigh on prices, Kedia Advisory said in a note today. However, turmeric prices may witness an upward move in the near term because of lingering concerns over crop damage in Maharashtra, mainly because of the widespread spread of Karpa disease in turmeric crop, according to SMC Global Securities. In the near term, turmeric prices are likely to stand in the range of INR 12,800-INR 13,600.
At 1623 IST, the most-active December contract of CORIANDER was down 0.4% at INR 7,400 per 100 kg due to muted export demand according to SMC Global Securities. However, higher demand during the ongoing wedding season, could cap losses, according to the brokerage. In the near term, coriander futures are expected to trade in the range of INR 7,250-7,600 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,400 | (-)30 |
Jeera Dec | NCDEX | 100 | 25,000 | 415 |
Turmeric Dec | NCDEX | 100 | 13,170 | (-)6 |
End
Edited by Vidhi Verma
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