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Informist, Friday, Jul 19, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices on the National Commodity and Derivatives Exchange were lower today. Jeera and coriander futures fell due to bleak export demand, according to analysts at SMC Global Securities.

At 1605 IST, the most active July contract of JEERA was down 1.8% at 26,500 rupees per 100 kg on subdued overseas demand. Jeera exports in May contracted 15% on year to 20,900 tn. Supplies from Syria, Turkey and Afghanistan are likely to increase and will affect Indian exports adversely, according to analysts at SMC Global Securities. In the near term, the brokerage expects jeera futures to trade in the range of 26,600-28,000 rupees.

At 1610 IST, the most active August contract of TURMERIC was down 2.6% at 15,804 rupees per 100 kg on a likely increase in production. The area under turmeric is estimated to rise 9-10% in the marketing year 2025-26, which may push up production by 6% to 1.03 mln tn, according to SMC Global. Turmeric prices are likely to trade in the range of 15,900-16,700 rupees per 100 kg in the near term. 

At 1608 IST, the most active July contract of CORIANDER was down 0.8% at 7,190 rupees per 100 kg. Coriander exports plummeted to 4,400 tn in May from 24,710 tn a year ago and the falling export demand could weigh on prices, according to SMC Global Securities. However, supplies are expected to tighten going ahead with overall production in 2024-25 estimated to be lower by 26%, 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 steady at 7,000-7,500 rupees per 100 kg. Arrivals were at 2,200 bags (1 bag = 50 kg), the same as the previous day, according to Manish Gupta, a local trader.

End

Edited by Saji George Titus

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