India Spices
All up; coriander, turmeric gain on higher domestic demand
This story was originally published at 20:08 IST on 18 November 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices on the National Commodity and Drivatives Exchange rose on Monday. Coriander and turmeric gained due to increased buying in the local market, according to analysts.
The most-active December contract of CORIANDER was up 5% at INR 7,766 per 100 kg due to higher demand in the domestic market, according to SMC Global Securities. Prices tried to recover from recent lows in the spot market with active buying and expectations of a fall in the area under coriander, according to the brokerage. In the near trem, coriander futures are likely to trade in the range of INR 7,330-INR 7,750 per 100 kg.
The most-active December contract of JEERA was up 0.7% at INR 25,180 per 100 kg due to prospects of higher demand, according to SMC Global Securities. Rising demand due to the wedding season also prompted stockists to buy on every dip, the brokerage said. Jeera prices are likely to remain firm mainly because of reports of delayed sowing in Gujarat and Rajasthan, it said. In the near term, jeera is likely to trade in the range of INR 24,770-INR 26,000 per 100 kg.
The most-active December contract of TURMERIC was up 4% at INR 14,078 per 100 kg, due to increased demand in the domestic market, according to SMC Global Securities. Moreover, stockists and farmers are reluctant to release their stocks at prevailing levels in anticipation of further rise in prices, the brokerage said. In addition, export demand is expected to improve, mainly from Bangladesh and Iran, which will boost overall market sentiment, it said. In the near term, turmeric futures are likely to trade in the range of INR 13,250-INR 13,850 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,766 | 360 |
Jeera Dec | NCDEX | 100 | 25,180 | 170 |
Turmeric Dec | NCDEX | 100 | 14,078 | 540 |
End
Edited by Avishek Dutta
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