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Informist, Thursday, Jun. 26, 2025

By Shreya Shetty

MUMBAI – Futures contracts of all three spices on the National Commodity and Derivatives Exchange rose Thursday. Prices rose due to hope of renewed export demand from West Asia following the announcement of a ceasefire between Israel and Iran. Prices had previously fallen as the conflict between the two countries sparked fears of a demand slowdown from West Asia, a key importer of Indian spices.

The most-active August contract of TURMERIC rose 0.6% to INR 13,910 per 100 kilograms due to strong market fundamentals, including an empty supply pipeline, analysts at SMC Global Securities said. The ceasefire between Israel and Iran is likely to have some positive impact on export demand, which was feared to have fallen due to the war-like conditions between the two countries, the brokerage firm said.

The most-active July contract of JEERA rose 0.3% to INR 19,665 per 100 kg amid hope of a rise in export demand from West Asia and renewed buying interest in domestic markets following a 2.5-month long declining trend, SMC Global said. The market is hopeful that export demand from West Asia will rise following the announcement of a ceasefire between Israel and Iran, it said.

However, the market has ample stocks of the spice, with farmers still holding around 200,000 bags, of which only 300,000–400,000 bags are expected to be traded before the season-end, Kedia Advisory said in a note. This implies a carryforward stock of nearly 1.60 million bags, adding pressure on prices, it said.

The most-active July contract of CORIANDER was up 0.4% at INR 7,080 per 100 kg as the Israel-Iran ceasefire did away with worries of a demand slowdown in West Asia, a key importer of Indian spices. Firm demand at spot markets and restricted supplies from key producing regions also supported prices.

However, the rise in prices could be limited due to a large carryover stocks, the brokerage firm said. Going forward, market direction will largely hinge on demand dynamics, the brokerage said.

End

Edited by Nishant Maher

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