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Informist, Tuesday, Jul 16, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of jeera and turmeric rose on the National Commodity and Derivatives Exchange, while those of coriander fell. Prices of coriander fell due to reports of sluggish exports from India in May, according to analysts at SMC Global Securities.

At 1440 IST, the most-active July contract of CORIANDER was down 0.1% at 7,230 rupees per 100 kg, due to a drop in export demand. Coriander exports from India dropped to 4,400 tn in May from 24,710 tn a year ago, 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.

In Rajasthan's Ramganj Mandi, the scooter variety of coriander was steady at 6,900-7,500 rupees per 100 kg. Arrivals were at 2,800 bags (1 bag = 50 kg), the same as the previous day, said Manish Gupta, a trader from Rajasthan.

At 1444 IST, the most-active August contract of TURMERIC was up 1.6% at 15,736 rupees per 100 kg, as supplies are likely to fall in the coming days because most of the crop has already come into the market, according to SMC Global Securities. However, sluggish demand in the domestic market, bleak export demand, and higher sowing, could weigh on prices. In the near term, turmeric futures are seen in the range of 15,000-16,000 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 1457 IST, the most-active July contract of JEERA was up 0.3% at 26,800 rupees per 100 kg, due to hoarding by stockists in anticipation of better price realisation.

However, subdued overseas and domestic demand and expectations of a bumper crop could weigh on prices, according to SMC Global Securities. In the near term, the brokerage expects jeera futures to trade in the range of 26,600-28,000 rupees.

End

Edited by Avishek Dutta

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