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Informist, Tuesday, Jan. 7, 2025

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivative Exchange Tuesday. Coriander prices fell due to muted export demand and increased selling pressure amid improved sowing, according to analysts at SMC Global Securities. 

At 1555 IST, the most active January contract of CORIANDER fell 0.6% to INR 7,740 per 100 kg due to subdued export demand and surging selling pressure amid improved sowing numbers, according to SMC Global Securities. However, shrinking arrivals and lower production estimates are likely to support firmness in prices in the long term, it said. In the near term, coriander futures are likely to move in the range of INR 7,600-INR 8,200 per 100 kg.

At 1557 IST, the most active January contract of JEERA was down 0.3% at INR 24,380 per 100 kg. But improved local and export demand, concern about output, slowing progress in sowing and Ramzan buying are likely to support prices, according to SMC Global Securities. As of Dec. 30, around 464,000 hectares had been sown under jeera, as against 552,000 hectares a year ago, the brokerage said in its report. In the near term, jeera futures are likely to trade in the range of INR 23,000-INR 24,500 per 100 kg.

At 1601 IST, the most active April contract of TURMERIC was down 0.7% at INR 15,440 per 100 kg in anticipation of a rise in supplies in the domestic market as stockists may release their stocks. But an improvement in demand ahead of Ramzan and high export demand from West Asia and other neighbouring countries are likely to aid prices, according to SMC Global Securities. In the near term, turmeric is likely to trade in the range of INR 14,600-INR 15,700 per 100 kg.

End

Edited by Akul Nishant Akhoury

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