India Spices
Most up; jeera, turmeric prices rise on strong export demand
This story was originally published at 18:18 IST on 19 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, while those of coriander fell. Jeera prices rose due to increasing export demand and turmeric prices rose due to both export and domestic demand, according to analysts.
The most active December contract of TURMERIC was up 3% at INR 14,320 per 100 kg, as there was increased buying in the domestic market and increased export demand, according to SMC Global Securities. Fear of a fall in production in Maharashtra due to widespread crop disease and reduced supplies at the prevailing rate also supported prices, the brokerage said. In the near term, prices are likely to trade in the range of INR 13,000-13,500 per 100 kg.
The most active December contract of JEERA was up 1.2% at INR 25,300 per 100 kg as export demand rose mainly due to increased buying from China and Bangladesh, according to SMC Global Securities. Rising wedding season demand also supported prices, the brokerage said. In the near term, jeera prices are likely to trade in the range of INR 24,330-26,000 per 100 kg.
The most active December contract of CORIANDER was down 0.5% at INR 7,672 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 7,330-7,900.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Nov | NCDEX | 100 | 7,672 | (-)42 |
Jeera Dec | NCDEX | 100 | 25,300 | 295 |
Turmeric Dec | NCDEX | 100 | 14,320 | 406 |
End
Edited by Deepshikha Bhardwaj
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