India Spices
Mixed; coriander up on concerns about tight supply
This story was originally published at 18:19 IST on 19 December 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander on the National Commodity and Derivative Exchange rose Thursday, while those of jeera fell and turmeric prices were steady. Coriander prices rose due to concerns about tight supply, according to analysts at SMC Global Securities.
The most-active January contract of JEERA was down 0.3% at INR 23,975 per 100 kg due to high carryover stocks, according to SMC Global Securities. 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 the 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.
The most-active January contract of CORIANDER was up 1.1% at INR 7,888 per 100 kg due to increased buying in the domestic market and concerns about tight supply, according to SMC Global Securities. Prospects of lower production and wedding season demand could support prices, the brokerage said. In the near term, prices are likely to move in a range of INR 7,700-INR 8,100 per 100 kg, it said.
The most-active April contract of TURMERIC was steady at INR 13,802 per 100 kg. Looming uncertainty over the crop could support prices, while fear of a fall in exports to Bangladesh could weigh on prices, according to SMC Global Securities. In the near term, turmeric prices are likely to move in a range of INR 13,300-INR 14,100 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 7,888 | 86 |
Jeera Jan | NCDEX | 100 | 23,975 | (-)65 |
Turmeric Apr | NCDEX | 100 | 13,802 | (-)4 |
End
Edited by Avishek Dutta
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