India Spices
Jeera, coriander up; turmeric down on higher crop expectations
This story was originally published at 18:45 IST on 22 January 2025
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By Taniva Singha Roy
MUMBAI – Futures contracts of coriander and jeera rose on the National Commodity and Derivatives Exchange on Wednesday, while those of turmeric fell. Jeera and coriander prices were up due to concerns of lower output and turmeric prices fell due to expectations of higher crop and onset of fresh arrivals, according to analysts at SMC Global Securities.
The most-active March contract of JEERA was up 0.4% at INR 22,665 per 100 kg. According to SMC Global, concerns of lower output amid a fall in the sowing area and renewed demand in the domestic market could have weighed on prices.
However, heavy carry-over stocks may also lead to a fall in jeera prices, it said. In the near term, jeera futures are likely to trade in the range of INR 22,000-INR 23,000.
The most-active April contract of CORIANDER rose 0.1% to INR 8,616 per 100 kg due to shrinking arrivals and lower production estimates, SMC Global said. However, subdued export and domestic demand are likely to support prices in the long term, the broking firm added. In the near term, coriander futures are likely to trade in the range of INR 8,300-INR 8,750.
The most-active April contract of TURMERIC was down 0.3% at INR 14,310 per 100 kg due to expectations of higher crop and the onset of fresh arrivals, according to SMC Global. However, lingering concerns over damage to crop in Maharashtra could support prices, the brokerage said. In the near term, turmeric futures are likely to trade in the range of INR 13,900-INR 14,800.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Apr | NCDEX | 100 | 8,616 | 12 |
Jeera Mar | NCDEX | 100 | 22,665 | 345 |
Turmeric Apr | NCDEX | 100 | 14,310 | (-)46 |
End
Edited by Nishant Maher
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