India Spices
Mixed; turmeric up on output concerns, high domestic demand
This story was originally published at 17:18 IST on 4 February 2025
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By Taniva Singha Roy
MUMBAI – Futures contracts of turmeric gained, while those of jeera fell, and of coriander remained steady on the National Commodity and Derivatives Exchange Tuesday. Turmeric prices rose due to lingering concerns over crop damage and jeera fell due to improved crop conditions and heavy carryover stocks, according to analysts at SMC Global Securities.
The most active April contract of TURMERIC rose 0.6% to INR 13,280 per 100 kg due to lingering concern over damage to the crop in Maharashtra, according to Kedia Advisory. Increasing domestic demand in the wake of the commencement of Ramadan also supported prices, according to SMC Global Securities. However, it said anticipation of a rise in supply could weigh on prices. In the near term, turmeric futures are likely to trade in the range of INR 13,196-INR 14,500 per 100 kg.
The most active April contract of CORIANDER was steady at INR 8,126 per 100 kg. A fall in arrivals and lower production estimates could support prices, SMC Global Securities said. However, subdued exports and domestic demand are likely to weigh on prices in the long term, the broking firm added. In the near term, coriander futures are likely to trade in the range of INR 8,000-INR 8,550 per 100 kg.
The most active March contract of JEERA was down 1.3% at INR 20,900 per 100 kg due to improved crop conditions and heavy carryover stocks and, therefore, increased supply in the domestic market, according to SMC Global Securities. However, concerns about 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.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Apr | NCDEX | 100 | 8,126 | 0 |
Jeera Mar | NCDEX | 100 | 20,900 | (-)295 |
Turmeric Apr | NCDEX | 100 | 13,280 | 74 |
End
Edited by Deepshikha Bhardwaj
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