India Spices
All up; coriander, jeera up on wedding season demand
This story was originally published at 20:55 IST on 13 November 2024
Register to read our real-time news.Informist, Wednesday, Nov. 13, 2024
By Taniva Singha Roy
MUMBAI – Futures contracts of all spices rose on the National Commodity and Derivatives Exchange Wednesday. Coriander prices rose on increased wedding season demand, and jeera prices rose on robust export demand, according to analysts.
The most-active December JEERA contract was up 1.04% at INR 25,195 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 24,500-26,000 per 100 kg.
The most-active December contract of TURMERIC was up 0.8% at INR 13,350 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 12,900 to INR 13,550 per 100 kg.
The most-active December contract of CORIANDER was up 4% at INR 7,510 per 100 kg because of increased wedding demand in the market, according to SMC Global Securities. However, muted export demand could weigh on prices, the brokerage said. In the near term, coriander futures are expected to trade in the range of INR 7,050-7,450 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,510 | 288 |
Jeera Dec | NCDEX | 100 | 25,195 | 260 |
Turmeric Dec | NCDEX | 100 | 13,350 | 100 |
End
Edited by Vidhi Verma
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
