India Spices
Most down; jeera prices rise on low output, firm demand
This story was originally published at 19:35 IST on 14 February 2025
Register to read our real-time news.Informist, Friday, Feb. 14, 2025
By J. Navya Sruthi
MUMBAI – Futures contracts of jeera rose and those of coriander and turmeric closed in the red Friday on the National Commodity and Derivatives Exchange. Jeera prices rose due to firm demand and estimates of low output, analysts said. Coriander prices fell due to weak export demand and turmeric prices were down due to advancement of harvesting in Telangana, according to analysts at SMC Global Securities.
The most-active March contract of JEERA was up 2% at INR 21,175 per 100 kg due to increased domestic demand ahead of the wedding season, fasting month of Ramadan, and lower production estimate, analysts said. The government has estimated 2024-25 (Jul-Jun) jeera output at 724,000 tonnes, down 19% from last year, according to the first advance estimate released by the Department of Agriculture and Farmers' Welfare. In the near term, jeera futures are likely to trade in the range of INR 20,200-INR 22,000.
The most-active April contract of CORIANDER fell 0.5% to INR 8,120 per 100 kg because of subdued export and domestic demand, according to SMC Global Securities. The government has estimated coriander output at 869,000 tonnes for the current year, nearly 4% higher from last year's production. Prospects of higher production also weighed on prices. In the near term, coriander futures are likely to trade between INR 8,000 and INR 8,400.
The most-active April contract of TURMERIC fell 2% to INR 12,760 per 100 kg due to advancement in harvesting in Telangana, according to SMC Global Securities. Meanwhile, turmeric production for 2024-25 is estimated at 1.12 million tonnes, up nearly 5% from last year. However, demand is likely to increase in the domestic market ahead of the wedding season and the month of Ramadan, the brokerage further said.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Apr | NCDEX | 100 | 8,120 | (-)44 |
Jeera Mar | NCDEX | 100 | 21,175 | 395 |
Turmeric Apr | NCDEX | 100 | 12,760 | (-)232 |
End
Edited by Nishant Maher
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