India Spices
All down; coriander falls on muted export demand
This story was originally published at 20:45 IST on 12 November 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange Tuesday. Coriander prices fell due to muted export demand and Jeera prices fell as arrivals surged, according to analysts.
The most-active December contract of CORIANDER was down 0.6% at INR 7,220 per 100 kilogram 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 7,050-INR 7,450 per 100 kg.
The most-active November JEERA contract ended 1% lower at INR 24,990 per 100 kg as arrivals surged with approximately 15,000 bags of cumin arriving daily in Unjha, according to Kedia Advisory. However, robust export enquiries and rising wedding season demand could restrict the losses, according to SMC Global Securities. In the near term, jeera is likely to trade in the range of INR 24,500-26,500.
The most-active December contract of TURMERIC closed 1.4% lower at INR 13,220 per 100 kg, in anticipation of higher production, according to Kedia Advisory. However, dampening prospects of yield due to the widespread Karpa disease in the turmeric crop in Maharashtra could support prices, according to the brokerage. In the near term, turmeric prices are likely to be in the range of INR 13,220 to INR 13,900 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 6,890 | (-)90 |
Jeera Dec | NCDEX | 100 | 24,990 | (-)230 |
Turmeric Dec | NCDEX | 100 | 13,220 | (-)192 |
End
Edited by Akul Nishant Akhoury
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