India Spices
Prices of all down; jeera, coriander attract profit sales
This story was originally published at 17:17 IST on 5 December 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all the spices fell on the National Commodity and Derivatives Exchange on Thursday. Turmeric prices fell due to poor demand from Bangladesh, while coriander and jeera prices were down because of profit sales after the recent gains, according to analysts at SMC Global Securities.
At 1537 IST, the most-active April contract of TURMERIC fell 0.8% to INR 13,246 per 100 kg due to poor export demand, according to SMC Global Securities. Demand from Bangladesh has decreased due to strained relations with India, the brokerage firm said. Bangladesh is the largest buyer of Indian turmeric and contributes about 20% to the country's spices exports, it said. In the near term, SMC Global expects turmeric futures to trade in the range of INR 13,000-INR 13,800.
At 1538 IST, the most-active December contract of CORIANDER fell 0.4% to INR 7,800 per 100 kg because of profit booking after the recent gains, according to SMC Global Securities. However, prices could rise as sowing in Gujarat is down 57% from last year, according to SMC Global Securities.
At 1539 IST, the most-active December contract of JEERA fell 1.4% to INR 23,950 per 100 kg due to high carryover stocks and profit booking by traders, according to SMC Global Securities. However, emerging possibilities of a fall in production due to slower sowing could support prices, the broking firm said.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Dec | NCDEX | 100 | 7,800 | (-)28 |
Jeera Dec | NCDEX | 100 | 23,950 | (-)350 |
Turmeric Dec | NCDEX | 100 | 13,246 | (-)118 |
End
Edited by Ashish Shirke
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