India Spices
Most down; jeera falls on higher carryover stocks
This story was originally published at 17:32 IST on 16 December 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera on the National Commodity and Derivatives Exchange fell Monday, while those of turmeric rose. Jeera futures fell due to high carryover stocks in the domestic market, according to SMC Global Securities.
The most-active January contract of JEERA was down 0.3% at INR 23,965 per 100 kg due to high carryover stocks, according to SMC Global Securities. However, increased buying in the local market could support prices, according to the brokerage. Unfavourable temperatures for sowing and a delayed harvest in Gujarat have also impacted overall sowing of jeera in the top producing state, which could also support prices, it said. In the near term, jeera futures are likely to trade in the range of INR 23,700-INR 25,000 per 100 kg.
The most-active January contract of CORIANDER was down 1.5% at INR 7,826 per 100 kg due to poor export demand, according to SMC Global Securities. However, prospects of lower production and demand during the wedding season could support prices, the brokerage said. In the near term, prices are likely to move in the range of INR 7,700-INR 8,100 per 100 kg.
The most-active April contract of TURMERIC was up 1.4% at INR 13,274 per 100 kg due to tighter stocks in the domestic market and concerns about lower output, according to SMC Global Securities. However, fear of a drop in exports to Bangladesh could weigh on prices, it said. In the near term, turmeric prices are likely to move in the range of INR 13,800-INR 14,400 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 7,826 | (-)116 |
Jeera Jan | NCDEX | 100 | 23,965 | (-)75 |
Turmeric Apr | NCDEX | 100 | 13,274 | 184 |
End
Edited by Avishek Dutta
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