Jeera, turmeric hit upper circuit on export demand and lower output estimate

Cumin seed March delivery jumped 3.97% or Rs 565 to trade at Rs 14,795 a quintal, far-month contracts also moved in similar range

Spices complex remained highly volatile in futures market due to changing crop patterns this year. While cumin seed and turmeric hit the upper circuit on the National Commodity & Derivatives Exchange (NCDEX), coriander fell by 3%.

Cumin seed (jeera) for delivery in March jumped 3.97% or Rs 565 to trade at Rs 14,795 a quintal, far-month contracts also moved in similar range.

Turmeric for delivery in April rose by 4% or Rs 320 to trade at Rs 8322 a quintal. Similarly, far-month contracts also shot up in futures trade.

“Owing to steep rise in coriander prices, farmers shifted from cumin seed and turmeric to coriander resulting into around 40% decline in acreage in cumin seed this season. There has also been good export demand which kept cumin seed and turmeric prices elevated,” said Ajay Kedia, managing director of Kedia Commodity Comtrade, a city based broking firm.

Meanwhile, coriander price which recorded two subsequent years of price rise to the tune of around 40% and 36% respectively, recorded a fall of upto 3% on NCDEX. The spices variety for delivery in April was traded at Rs 7131 a quintal on Monday, a decline of 2.11% or Rs 154 from previous close.

In other spices, segment, Chili Teja contract for delivery in April posted a decline of 1.25% or Rs 102 to quote at Rs 8058 a quintal in the afternoon trade.

In order to promote exports further, a delegation chaired by R K Jain, chairman of Indian Merchants’ Chamber, Navi Mumbai, visited Sri Lanka early this month.

Yogesh Mehta, Co-chairman, Indian Merchants’ Chamber, Navi Mumbai, said, “India faces huge problems in terms of spices exports to Sri Lanka due to preferential treatment granted by Sri Lanka to Pakistan and China. We hope that our visit would bring fruitful results and encourage spices exports to Sri Lanka.”