India Spices
Most dn; jeera dn on profit booking, high carry-forward stocks
This story was originally published at 15:34 IST on 10 January 2025
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera fell on the National Commodity and Derivative Exchange Friday, while those of turmeric were steady. Jeera prices fell due to profit booking and heavy carry-forward stocks, according to analysts at SMC Global Securities.
At 1507 IST, the most-active January contract of JEERA was down 0.8% at INR 23,820 per 100 kg due to profit booking and high carry-forward stocks, according to SMC Global Securities. However, improved domestic and export demand, concerns about output and demand ahead of Ramzan are likely to support prices, the brokerage said. As of Dec. 30, around 464,000 hectares had been sown under jeera, down from 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 1509 IST, the most-active January contract of CORIANDER fell 0.6% to INR 8,596 per 100 kg due to subdued export demand amid improved sowing numbers, according to SMC Global Securities. However, shrinking arrivals and lower production estimates are likely to support prices in the long term, it said.
At 1510 IST, the most-active April contract of TURMERIC was steady at INR 15,200 per 100 kg. Improved export demand from West Asia and firm demand ahead of Ramzan could support turmeric prices, according to SMC Global Securities. On the other hand, a likely rise in supplies in the domestic market due to stockists releasing 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 | 8,596 | (-)48 |
Jeera Jan | NCDEX | 100 | 23,820 | (-)195 |
Turmeric Apr | NCDEX | 100 | 15,200 | 0 |
End
Edited by Saji George Titus
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