India Spices
Mixed; turmeric down on higher supply outlook
This story was originally published at 21:13 IST on 15 January 2025
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By Taniva Singha Roy
MUMBAI – Futures contracts were mixed on the National Commodity and Derivative Exchange Wednesday with coriander and turmeric down and jeera up. Turmeric fell on concerns about higher supply, while coriander declined on muted demand, according to analysts at SMC Global Securities.
The most-active April contract of TURMERIC was down 2.4% at INR 14,180 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, according to SMC Global Securities. 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, SMC Global Securities said.
The most-active January contract of CORIANDER was down 1% at INR 8,488 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.
The most-active January contract of JEERA was up 1.3% at INR 23,350 per 100 kg due to improved domestic and export demand, concerns about lower 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 | 8,488 | (-)32 |
Jeera Jan | NCDEX | 100 | 23,350 | 295 |
Turmeric Apr | NCDEX | 100 | 14,180 | (-)342 |
End
Edited by Saji George Titus
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