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Informist, Thursday, Mar. 5, 2026

 

By Afra Abubacker

 

NEW DELHI – Futures contracts of all spices rose on the National Commodity and Derivatives Exchange on Thursday, due to short-covering at lower levels, analysts said. In addition, media reports on Iran indicating at an offer to discuss terms for ending the conflict following the US-Israel attack on Tehran had lifted market sentiment and supported prices, they added. 

 

"Most of the fundamentals remain bearish. Spices contracts are up due to short covering. Some low-level buying was seen," Ravi Shankar Pandey, senior research analyst, Brigid Agro Trade LLP, said. He added that Thursday's rise will likely not continue as March-April is the peak arrival season for turmeric and jeera. 

 

"Commodities are recovering from lower levels. Positive news around US-Iran was also supporting the market," Pandey added. On Wednesday, The New York Times reported that Iran has reached out indirectly to the US intelligence agency offering to hold talks to end the conflict. Tehran later denied the claims.

 

On Thursday, Iran's Deputy Foreign Minister Majid Takht-Ravanchi clarified: "Iran is ready to abandon its nuclear program on condition that the US presents a satisfactory alternative offer." West Asian countries account for about 18% of total Indian spice exports, according to SMC Global Securities. 

 

At 1700 IST, the most-active April contract of CORIANDER was up 3.6% at INR 11,680 per 100 kg. Pandey sees the contract trading in the range of INR 11,200-INR 12,200 per 100 kg in the near-term. Analysts see coriander prices coming under pressure amid rising supplies in local markets. 

 

The most-active April contract of TURMERIC was up around 3% at INR 15,012 per 100 kilograms. Pandey sees the contract trading around INR 14,300-INR 15,700 per 100 kg in the near-term. However, rising arrivals, expectations of further supplies in the coming weeks, and weak demand is likely to pressure prices.

 

"It is peak arrival time. New turmeric crop arrivals have started in Tamil Nadu. Maharashtra arrivals are yet to start, and their production is very good," Pandey said. 

 

The most-active April contract of JEERA was up 2.2% at INR 21,940 per 100 kg. Pandey sees the contract trading around INR 21,700-INR 22,600 per 100 kg in the near-term. Comfortable stock levels and subdued export demand are likely to weigh on the prices. 

 

The following were the prices of the most-active spices contracts at closing at 1700 IST:

 

Contract	Exchange	Unit (kg)	Price (INR)	Change (INR)
Coriander Apr	NCDEX	100	11,680	408
Jeera Apr	NCDEX	100	21,940	465
Turmeric Apr	NCDEX	100	15,012	436

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Deepshikha Bhardwaj

 

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