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Informist, Friday, Nov. 29, 2024

By Pallavi Singhal

NEW DELHI – Futures contracts of all spices rose Friday on the National Commodity and Derivatives Exchange amid a rise in seasonal demand and lower sowing activities in key producing states, analysts said.  

At 1300 IST the most active December contract of JEERA was 1.2% higher from the previous close at INR 25,290 per 100 kg, mainly due to concerns about a fall in acreage in jeera in the upcoming season. Some farmers have shifted from jeera to other profitable crops like chana and wheat due to better price realisation, analysts said. Delayed harvest in Gujarat has also impacted sowing in this top jeera-producing state. Analysts expect the jeera acreage to fall by at least 5%-8% this year. The prices are also being supported by rising export demand as the Indian jeera has turned competitive in the global market, according to SMC Global Securities. In the near term, jeera prices are seen in the range of INR 24,300-26,000 per 100 kg.

The most active December contract of TURMERIC was up 1.6% to INR 13,646 per 100 kg on rising export and seasonal demand, SMC Global said in a note. Government data on exports in September has shown turmeric exports rose for the third consecutive month mainly due to a surge in buying from Bangladesh, the UAE, the US, and Malaysia. India exported about 15,320 tonnes of turmeric in September, up 69% on year, as per government data, SMC said. In the near term, turmeric prices are seen in the range of INR 13,200-14,500 per 100 kg.

The most active December contract of CORIANDER was up 1.4% to INR 7,750 per 100 kg on rising wedding season demand and improved export prospects. The ongoing geopolitical conflict in the Black Sea region will boost the export prospects for Indian coriander, according to SMC. Russia and Ukraine together contribute about 18% of global coriander exports. Fresh buying is likely in coriander on every drop in prices, mainly due to weaker production prospects ahead, the brokerage said. Coriander prices are expected to be in the range of INR 7,500-8,000 per 100 kg in the near term. 

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Edited by Saji George Titus

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