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Informist, Tuesday, Feb. 18, 2025

By Pallavi Singhal

NEW DELHI – Futures contracts of turmeric and coriander rose on the National Commodity and Derivatives Exchange Tuesday, while those of jeera fell. Turmeric rose on higher export demand, while coriander prices increased due to a weak production outlook. Jeera slid slightly on profit booking after its prices witnessed sharp gains recently, according to analysts at SMC Global Securities.

The most-active March contract of JEERA was down 0.9% at INR 21,610 per 100 kg due to profit booking. The commodity had witnessed sharp gains on increased domestic demand ahead of the wedding season and the Ramadan month, and due to lower production estimates, analysts said. In the near term, jeera futures are likely to trade in the range of INR 21,300-INR 23,000. 

The most-active April contract of CORIANDER was up 0.3% to INR 8,180 per 100 kg due to a weak production outlook, according to SMC Global Securities. However, upside is likely to be restricted by sluggish export demand, the brokerage said. Total production of coriander is estimated to decline 11% on year to 630,000 tonnes in 2025-26. Coriander exports declined 53% on year to 38,314 tonnes in Apr-Nov, according to data from the Spices Board of India. 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 rose 1.5% to INR 12,824 per 100 kg due to higher export demand, according to SMC Global Securities. Surging export enquiries at prevailing levels and increased festive and wedding season demand are likely to prompt buyers to buy turmeric on every dip in prices, they said. Exports of turmeric rose 10% on year to 121,601 tonnes in Apr-Nov, according to Spices Board of India data.

Gains in turmeric are also likely to be supported by the mounting concerns over the quality of the new crop. Sellers are quoting higher prices for the fair quality crop and stockists are stocking good quality crop in anticipation of a rise in prices, they said. However, the upside will be limited by a higher production outlook. In the near term, Turmeric is likely to trade in the range of INR 12,500 and INR 13,300

End

Edited by Saji George Titus

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