India Spices
All up; turmeric, coriander rise on concerns about supplies
This story was originally published at 19:31 IST on 27 December 2024
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices rose on the National Commodity and Derivative Exchange on Friday. Turmeric and coriander prices rose on concerns about supplies and jeera prices were up on increased domestic buying, according to analysts at SMC Global Securities.
The most active January contract of CORIANDER was up 2% at INR 8,080 per 100 kg because of concerns about tight supply, according to SMC Global Securities. Shrinking arrivals and lower production estimates are also supporting firmness in prices. However, concerns over sluggish exports could weigh on prices, the brokerage said. In the near term, coriander futures are likely to trade in the range of INR 7,600-INR 8,100.
The most active April contract of TURMERIC rose 2% to INR 14,144 per 100 kg as buying for Ramzan has started and export demand from West Asia and other neighbouring countries is expected to improve, according to SMC Global Securities. Arrivals fell at major trading centres as market participants showed lesser interest in selling in anticipation of a rise in prices, the brokerage said. However, muted demand in the Nizamabad market weighed on market sentiment. In the near term, turmeric is likely to trade in the range of INR 13,500- INR 14,300.
The most active January contract of JEERA was up 1.2% at INR 24,100 per 100 kg due to increased buying in the domestic markets, according to SMC Global Securities. Export demand increased on the recent fall in prices, it said. However, heavy stocks of jeera at the local market could weigh on prices, the brokerage said. In the near term, jeera futures are likely to trade in the range of INR 23,500-INR 25,000.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 8,080 | 148 |
Jeera Jan | NCDEX | 100 | 24,100 | 280 |
Turmeric Apr | NCDEX | 100 | 14,144 | 262 |
End
Edited by Saji George Titus
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