India Spices
Most up; turmeric rises on shrinking supplies in domestic mkt
This story was originally published at 19:40 IST on 11 November 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander fell on the National Commodity and Derivatives Exchange Monday, while those of turmeric and jeera rose. Turmeric prices rose due to shrinking supplies in the market, according to analysts.
The most-active December contract of TURMERIC was up 2.1% at INR 13,422 per 100 kg due to shrinking supplies at major trading centres as farmers are holding their produce in anticipation of prices increasing later, 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 be in the range of INR 12,800 to INR 13,600 per 100 kg.
The most-active December JEERA contract was up 0.2% at INR 25,320 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% this season 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.
The most-active December contract of CORIANDER was down 1% at INR 6,926 per 100 kg due to muted export demand, according to SMC Global Securities. However, higher demand during the ongoing wedding season, could limit 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 | 6,962 | (-)80 |
Jeera Dec | NCDEX | 100 | 25,320 | 45 |
Turmeric Dec | NCDEX | 100 | 13,422 | 276 |
End
Edited by Tanima Banerjee
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