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Informist, Tuesday, Dec. 3, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices fell on the National Commodity and Drivatives Exchange on Tuesday. Turmeric prices fell on expectations of a higher crop and muted export demand, while jeera prices declined due to heavy carryover stocks, analysts said.

At 1536 IST, the most active December contract of JEERA fell 3.4% to INR 24,485 per 100 kg, due to heavy carryover stocks, according to SMC Global Securities. However, emerging possibilities of a fall in production due to slower sowing could support prices, it said. 

At 1537 IST, the most active December contract of CORIANDER was down 0.8% to INR 7,828 per 100 kg due to slowdown in exports, SMC Global said. However, the ongoing geopolitical conflict in the Black Sea region will boost the export prospects for Indian coriander, according to the brokerage. Coriander prices are expected to be in the range of INR 7,600-8,400 per 100 kg in the near term. 

At 1533 IST, the most active December contract of TURMERIC fell 0.1% to INR 13,200 per 100 kg on expectations of a higher crop and limited buying by Bangladesh due to trade disruption on the border, SMC Global said. However, the fear of crop damage in Tamil Nadu and Karnataka due to heavy rainfall in the major producing region could support turmeric prices. 

End

Edited by Saji George Titus

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