India Spices
All down; turmeric falls in anticipation of rise in supplies
This story was originally published at 20:03 IST on 30 January 2025
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By Taniva Singha Roy
MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange Thursday. Coriander prices fell due to muted export demand, while turmeric prices fell due to anticipation of a rise in supplies, and jeera prices fell due to improved crop conditions in Gujarat and Rajasthan, according to analysts at SMC Global Securities.
The most active March contract of JEERA was down 0.1% at INR 21,750 per 100 kg due to improved crop conditions and heavy carry-over stocks and thus increased supply in the domestic market, according to SMC Global Securities. However, concerns over lower output amid a fall in the sowing area and renewed demand in the domestic market could support prices, the brokerage said. In the near term, jeera futures are likely to trade in the range of INR 21,600-INR 23,000 per 100 kg.
The most active April contract of CORIANDER fell 0.5% to INR 8,268 per 100 kg due to availability of adequate stocks amid subdued export and domestic demand, according to SMC Global Securities. However, shrinking arrivals and lower production estimates could support prices, the brokerage said. In the near term, coriander futures are likely to trade in the range of INR 8,000-INR 8,550 per 100 kg.
The most active April contract of TURMERIC was down 1% at INR 13,640 per 100 kg due to expectations of a bigger crop and anticipation of rise in supplies, according to SMC Global. However, lingering concerns over damage to the crop in Maharashtra could support prices, the brokerage said. In the near term, turmeric futures are likely to trade in the range of INR 13,200-INR 14,500 per 100 kg.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Apr | NCDEX | 100 | 8,268 | (-)38 |
Jeera Mar | NCDEX | 100 | 21,750 | (-)30 |
Turmeric Apr | NCDEX | 100 | 13,640 | (-)138 |
End
Edited by Deepshikha Bhardwaj
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