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Informist, Thursday, Feb. 6, 2025

By Taniva Singha Roy

MUMBAI – Futures contracts of all the spices rose on the National Commodity and Derivative Exchange on Thursday.

MUMBAI – Futures contracts of all the spices traded on the National Commodity and Derivatives Exchange rose on Thursday. Turmeric prices rose on renewed export demand and jeera prices were up due to increased domestic demand ahead of the wedding season and Ramadan, according to analysts at SMC Global Securities.

At 1455 IST, the most-active April contract of TURMERIC rose 1.6% to INR 13,510 per 100 kg due to increased export enquiries and lingering concern over damage to the crop in Maharashtra, according to Kedia Advisory. Rising domestic demand ahead of Ramadan also supported prices, according to SMC Global Securities. However, the broking firm said anticipation of 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.

At 1455 IST, the most-active April contract of CORIANDER rose 0.2% to INR 8,290 per 100 kg due to a fall in arrivals and lower production estimates, 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.

At 1457 IST, the most-active April contract of JEERA was up 0.4% at INR 20,495 per 100 kg due to increased domestic demand ahead of the wedding season and fasting month of Ramadan, according to SMC Global Securities. However, improved crop conditions and heavy carryover stocks and, therefore, increased supply in the domestic market could weigh on prices, the brokerage said. In the near term, jeera futures are likely to trade in the range of INR 21,600-INR 23,000.

End

Edited by Ashish Shirke

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