India Spices
All down; jeera falls on high carryover stocks
This story was originally published at 19:30 IST on 18 December 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices on the National Commodity and Derivatives Exchange fell on Wednesday. Jeera futures declined due to high carryover stocks in the domestic market, according to analysts at SMC Global Securities.
The most-active January contract of JEERA was down 0.2% at INR 23,975 per 100 kg due to high carryover stocks, according to SMC Global Securities. However, supplies fell at major trading centres and stockists are reluctant to release their stocks in anticipation of a rise in prices and this could limit losses, 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 23,300-INR 25,000 per 100 kg.
The most-active January contract of CORIANDER was down 0.7% at INR 7,792 per 100 kg due to poor export demand, according to SMC Global Securities. However, prospects of lower production and concerns about tighter supply could support prices, the brokerage said. In the near term, prices are likely to move in the range of INR 7,600-INR 8,100 per 100 kg.
The most-active April contract of TURMERIC was down 4% at INR 13,804 per 100 kg due to fear of a drop in exports to Bangladesh, according to SMC Global Securities. However, tighter stocks in the domestic market and concerns about lower output could support prices, the brokerage said. In the near term, turmeric prices are likely to move in the range of INR 13,900-INR 14,500 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 7,792 | (-)52 |
Jeera Jan | NCDEX | 100 | 23,975 | (-)50 |
Turmeric Apr | NCDEX | 100 | 13,802 | (-)564 |
End
Edited by Avishek Dutta
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