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Informist, Monday, Jul 15, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices traded on the National Commodity and Derivatives Exchange fell today. Turmeric futures traded on a weak note due to profit-booking and muted domestic demand, according to analysts at SMC Global Securities. 

At 1512 IST, the most-active August contract of TURMERIC fell 1.4% to 15,700 rupees per 100 kg due to sluggish demand in the domestic market, bleak export demand, and higher sowing, according to SMC Global Securities. However, supplies are likely to fall in the coming days as most of the crop has already come into the market, and this could support prices. In the near term, turmeric futures are seen in the range of 15,600-16,800 rupees per 100 kg.

The price of turmeric in the benchmark market of Nizamabad in Telangana was unavailable today as markets were shut on account of Muharram, local trader Amrutlal Kataria said.

At 1513 IST, the most-active July contract of CORIANDER was down 0.2% at 7,212 rupees per 100 kg, due to a drop in export demand. Coriander exports from India fell 51% on year in April due to lower demand from China, according to SMC Global Securities. However, prices could rise as supplies are expected to tighten going ahead with overall production in 2024-25 estimated to be lower by 26%, according to SMC Global Securities. In the near term, coriander futures are likely to trade in the range of 7,000-7,500 rupees, the brokerage said.

At 1515 IST, the most-active July contract of JEERA was down 1% at 26,650 rupees per 100 kg due to subdued overseas and domestic demand and expectations of a bumper crop, according to SMC Global Securities. However, hoarding by stockists in anticipation of better price realisation could support prices, the brokerage said. In the near term, the brokerage expects jeera futures to trade in the range of 26,600-29,000 rupees.

End

Edited by Avishek Dutta

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