More Stories

Informist, Thursday, Jul 18, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices on the National Commodity and Derivatives Exchange rose today. Prices of turmeric were up due to reports of shrinking supplies in the domestic market, according to analysts at SMC Global Securities.

At 1546 IST, the most-active August contract of TURMERIC was up 3.8% at 16,344 rupees per 100 kg, as supplies are likely to fall in the coming days because most of the crop has already arrived in the market, according to SMC Global Securities. However, sluggish 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 spot price of turmeric in the benchmark market of Nizamabad in Telangana was 15,900 rupees per 100 kg, the same as the previous working day. Arrivals were estimated at 1,700 bags (1 bag = 40 kg), down 750 bags from the previous working day, local trader Amrutlal Kataria said.

At 1548 IST, the most-active July contract of CORIANDER was up 0.4% at 7,236 rupees per 100 kg, 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. However, coriander exports from India dropped to 4,400 tn in May from 24,710 tn a year ago and falling export demand could weigh on prices, according to the brokerage. In the near term, coriander futures are likely to trade in the range of 7,000-7,400 rupees, the brokerage said.

In Rajasthan's Ramganj Mandi, the scooter variety of coriander was up 50 rupees at 7,000-7,500 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 1553 IST, the most-active July contract of JEERA was up 1.2% at 27,000 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

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.