India Spices
Turmeric, coriander steady; jeera up on lower sowing progress
This story was originally published at 20:12 IST on 14 January 2025
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By Taniva Singha Roy
MUMBAI – Futures contracts of jeera rose on the National Commodity and Derivatives Exchange on Tuesday, while those of turmeric and coriander were steady. The rise in jeera prices came on the back of a slower pace of sowing, according to analysts at SMC Global Securities.
The most-active April contract of TURMERIC was nearly steady at INR 14,498 per 100 kg. An increased supply outlook as harvesting of the new crop is likely to commence later this month in Telangana and Andhra Pradesh is likely to weigh on prices. A likely rise in supplies in the domestic market due to stockists releasing stocks could also weigh 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 CORIANDER was steady at INR 8,588 per 100 kg. Subdued export and domestic demand amid improved sowing numbers could weigh on prices, SMC Global Securities said. However, shrinking arrivals and lower production estimates are likely to support prices in the long term, it said.
The most-active January contract of JEERA was up 0.6% at INR 22,680 per 100 kg due to improved domestic and export demand, concerns about output and demand ahead of Ramzan, according to SMC Global Securities. 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. However, higher carry-forward stocks could support prices, the brokerage said. In the near term, jeera futures are likely to trade in the range of INR 23,000-INR 24,500 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 8,588 | 0 |
Jeera Jan | NCDEX | 100 | 22,680 | 145 |
Turmeric Apr | NCDEX | 100 | 14,498 | (-)2 |
End
Edited by Tanima Banerjee
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