India Spices
Most down; coriander up in anticipation of fall in output
This story was originally published at 19:04 IST on 8 January 2025
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By Taniva Singha Roy
MUMBAI – Futures contracts of turmeric and jeera fell on the National Commodity and Derivative Exchange Wednesday, while those of coriander rose. Coriander contracts rose in anticipation of fall in production while turmeric prices fell on expectations of increase in domestic supply, according to analysts at SMC Global Securities.
The most-active April contract of TURMERIC was down 2.8% at INR 15,150 per 100 kg in anticipation of rise in supplies in the domestic market as stockists may release their stocks. But 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 15,850 per 100 kg.
The most-active January contract of JEERA was down 1.4% at INR 23,980 per 100 kg. But improved local and export demand, concern about output, slowing progress in sowing and purchases ahead of Ramzan 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.
The most-active January contract of CORIANDER rose 0.3% to INR 7,800 per 100 kg due to shrinking arrivals and lower production estimates, according to SMC Global Securities. However, subdued export demand and rise in selling pressure due to rise in sowing could weigh on prices, according to SMC Global Securities. In the near term, coriander futures are likely to move in the range of INR 7,600-INR 8,200 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 7,800 | 22 |
Jeera Jan | NCDEX | 100 | 23,980 | (-)345 |
Turmeric Apr | NCDEX | 100 | 15,150 | (-)440 |
End
Edited by Ashish Shirke
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