India Spices
Most dn; jeera up on renewed buying, delayed harvest in Gujarat
This story was originally published at 17:25 IST on 6 December 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of jeera on the National Commodity and Derivatives Exchange rose on Friday, while those of coriander and turmeric fell. Jeera prices rose due to renewed demand, according to analysts at SMC Global Securities.
At 1542 IST, the most-active April contract of TURMERIC was down 0.1% at INR 14,208 per 100 kg due to poor export demand, according to SMC Global Securities. Demand from Bangladesh, which is the largest buyer of Indian turmeric and contributes about 20% to the country's spices exports, has decreased due to strained relations with India, the brokerage said. In the near term, SMC Global expects turmeric futures to trade in the range of INR 13,000-INR 13,800 per 100 kg.
At 1542 IST, the most-active January contract of CORIANDER was down 0.8% at INR 7,904 per 100 kg as traders booked profits 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 1529 IST, the most-active December contract of JEERA rose 1.1% to INR 23,900 per 100 kg due to renewed buying in the domestic market, according to SMC Global Securities. Unfavourable temperatures for sowing and delayed harvest in Gujarat have also impacted overall sowing activities of jeera in this top producing state, fuelling expectations of a delayed harvest. This too supported prices, the brokerage said. Jeera futures are likely to trade in the range of INR 23,700-inr 25,000 per 100 kg in the near term.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Dec | NCDEX | 100 | 7,904 | (-)74 |
Jeera Dec | NCDEX | 100 | 23,900 | 270 |
Turmeric Dec | NCDEX | 100 | 14,208 | (-)12 |
End
Edited by Tanima Banerjee
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