India Spices
Most up; turmeric prices rise on firm buying after recent fall
This story was originally published at 20:20 IST on 14 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 Thursday, while those of coriander fell. Turmeric prices rose due to increased buying in the local market after the recent fall in prices. Jeera prices rose on firm exports as well as domestic demand, according to analysts.
The most-active December contract of JEERA was up 0.7% at INR 25,275 per 100 kg as there was robust export demand and wedding season demand. The overall acreage under jeera is likely to fall by at least 5-8% this season and could possibly lead to lower output, according to SMC Global Securities. Tight supplies in the domestic market also supported prices. In the near term, jeera prices are likely to trade in the range of INR 24,500-26,000.
The most-active December contract of TURMERIC was up 1.8% at INR 13,570 per 100 kg due to shrinking supplies at major trading centres as farmers are holding their produce in anticipation of rise in prices later, according to SMC Global Securities. Weak prospects of yield due to the spread of Karpa disease in the turmeric crop in Maharashtra also supported prices, according to the brokerage. Low 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 13,600 to INR 14,200.
The most-active December contract of CORIANDER was down 0.8% at INR 7,400 per 100 kg due to muted export demand, according to SMC Global Securities. However, aggressive buying after the recent fall in prices and increased wedding demand could support prices, the brokerage said. In the near term, coriander futures are seen in the range of INR 7,250-7,524.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,400 | (-)60 |
Jeera Dec | NCDEX | 100 | 25,275 | 170 |
Turmeric Dec | NCDEX | 100 | 13,570 | 234 |
End
Edited by Ashish Shirke
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