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Informist, Monday, Jul 22, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of turmeric and coriander rose, while jeera fell on the National Commodity and Derivatives Exchange today. Jeera futures fell due to bleak export demand amid adequate stocks in the market, according to analysts at SMC Global Securities. 

At 1627 IST, the most-active July contract of JEERA was down 1.3% at 26,290 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 25,500-27,200 rupees. 

At 1633 IST, the most-active August contract of TURMERIC was up 1.4% at 16,100 rupees per 100 kg, as lower acreage in some places could lead to lower production. Sowing area in Andhra Pradesh has been down by 11.6% on year so far, according to SMC Global Securities. However, sluggish export demand could weigh on prices, the brokerage said. Turmeric futures are likely to trade in the range of 15,700-16,400 rupees in the near term.  

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 800 bags (1 bag = 40 kg), down 900 bags from the previous working day, local trader Amrutlal Kataria said.

At 1616 IST, the most-active July contract of CORIANDER was up 0.4% at 7,210 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 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 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 from the previous working day at 7,050-7,500 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 Vidhi Verma

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