India Spices
Mixed; turmeric up on higher buying after recent fall in prices
This story was originally published at 19:08 IST on 20 December 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of turmeric rose on the National Commodity and Derivative Exchange Friday, while those of jeera fell and coriander were steady. Turmeric prices rose due to increased buying after the recent fall in prices, according to analysts at SMC Global Securities.
The most-active April contract of TURMERIC rose 1.3% at INR 14,000 per 100 kg due to increased demand after the recent fall in prices and looming concerns over crop numbers, according to SMC Global Securities. Tighter carry forward stocks also supported prices, the brokerage said. However, while fear of a fall in exports to Bangladesh could weigh on prices, it said. In the near term, turmeric prices are likely to move in a range of INR 13,300-INR 14,100 per 100 kg.
The most-active January contract of CORIANDER was steady at INR 7,860 per 100 kg. Concern about sluggish export demand could weigh on prices, while concern about tight supply could support prices, according to SMC Global Securities. In the near term, prices are likely to move in a range of INR 7,600-INR 8,100 per 100 kg, it said.
The most-active January contract of JEERA was down 0.4% at INR 23,950 per 100 kg due to high carryover stocks, according to SMC Global Securities. Supplies fell at major trading centres and stockists were 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.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 7,860 | 0 |
Jeera Jan | NCDEX | 100 | 23,950 | (-)95 |
Turmeric Apr | NCDEX | 100 | 14,000 | 176 |
End
Edited by Akul Nishant Akhoury
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