India Spices
All down; coriander down on muted demand amid higher sowing
This story was originally published at 18:25 IST on 13 January 2025
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivative Exchange Monday. Turmeric prices fell due to an increased supply outlook, while coriander prices fell due to muted demand amid higher sowing, according to analysts SMC Global Securities.
The most-active April contract of TURMERIC fell 4.5% to INR 14,490 per 100 kg, due to an increased supply outlook as harvesting of the new crop is likely to commence later this month in Telangana and Andhra Pradesh. A likely rise in supplies in the domestic market due to stockists releasing stocks also weighed on prices, analysts said. However, improved export demand from West Asia and firm demand ahead of Ramzan could support prices, according to SMC Global Securities.
The most-active January contract of JEERA was down 3.5% at INR 22,505 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.
The most-active January contract of CORIANDER fell 0.6% to INR 7,640 per 100 kg due to subdued export and domestic demand amid improved sowing numbers, SMC Global Securities said. However, shrinking arrivals and lower production estimates are likely to support prices in the long term, it said.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 7,640 | (-)48 |
Jeera Jan | NCDEX | 100 | 22,505 | (-)825 |
Turmeric Apr | NCDEX | 100 | 14,490 | (-)682 |
End
Edited by Saji George Titus
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