India Spices
Most up; jeera up on robust export, wedding season demand
This story was originally published at 17:23 IST on 8 November 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of jeera and turmeric rose on the National Commodity and Derivatives Exchange Friday, while those of coriander fell. Jeera prices rose due to robust export demand and rising wedding season demand, according to analysts.
At 1601 IST, the most-active December contract of TURMERIC was up 0.4% at INR 13,150 per 100 kg because of aggressive buying by millers and stockists at prevailing levels, according to SMC Global Securities. Dampening prospects of yield due to the widespread Karpa disease in the turmeric crop in Maharashtra also supported prices, according to the brokerage. 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 12,600-INR 13,500.
At 1602 IST, the most-active December JEERA contract was up 1% at INR 25,365 per 100 kg as there was robust export demand and wedding season demand. 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 24,400-25,900 per 100 kg.
At 1603 IST, the most-active December contract of CORIANDER was down 0.9% at INR 7,348 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 7,250-7,550 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,348 | (-)62 |
Jeera Dec | NCDEX | 100 | 25,365 | 225 |
Turmeric Dec | NCDEX | 100 | 13,150 | 58 |
End
Edited by Vidhi Verma
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