India Spices
Jeera down on profit booking, heavy stocks; turmeric up
This story was originally published at 18:44 IST on 9 January 2025
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera fell on the National Commodity and Derivatives Exchange on Thursday, while those of turmeric rose. Jeera prices fell due to profit booking and heavy carry-forward stocks, while coriander prices fell due to poor export demand, according to analysts at SMC Global Securities.
The most-active January contract of CORIANDER fell 0.8% to INR 8,632 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.
The most-active January contract of JEERA was down 0.4% at INR 23,910 per 100 kg due to profit booking and heavy carry-forward stocks, according to SMC Global Securities. 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.
The most-active April contract of TURMERIC was up 0.3% at INR 15,196 per 100 kg due to improved export demand from West Asia and other neighbouring countries, and firm demand ahead of Ramzan, according to SMC Global Securities. However, anticipation of a rise in supplies in the domestic market as stockists may release their stocks could weigh on prices. In the near term, turmeric is likely to trade in the range of INR 14,600-INR 15,550 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 8,632 | (-)68 |
Jeera Jan | NCDEX | 100 | 23,910 | (-)95 |
Turmeric Apr | NCDEX | 100 | 15,196 | 50 |
End
Edited by Tanima Banerjee
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