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Informist, Tuesday, Jul 23, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander rose, turmeric fell and jeera was steady on the National Commodity and Derivatives Exchange today. Turmeric futures fell as exports remained sluggish, according to analysts at SMC Global Securities. 

The most-active August contract of TURMERIC was down 0.4% at 15,990 rupees per 100 kg, on subdued overseas demand. However, lower acreage in some places could lead to lower production and support prices. Sowing area in Andhra Pradesh has been down 11.6% on year so far, according to SMC Global Securities. Turmeric futures are likely to trade in the range of 15,500-16,400 rupees in the near term.  

The spot price of turmeric in the benchmark market of Nizamabad in Telangana was 15,800 rupees per 100 kg, down 100 rupees from the previous working day. Arrivals were estimated at 550 bags (1 bag = 40 kg), down 2500 bags from the previous day, local trader Amrutlal Kataria said.

The most-active July contract of CORIANDER was up 0.4% at 7,228 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, heavy carryforward stocks and sluggish buying 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 down 150–200 rupees from the previous working day at 6,900-7,200 rupees per 100 kg. Arrivals were at 2,000 bags (1 bag = 50 kg), down 200 the previous day, according to Manish Gupta, a local trader.

The most-active July contract of JEERA was steady at 26,250 rupees per 100 kg. Subdued overseas demand could weigh on prices. 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. However, festive demands of spices are expected to improve in the wake of a series of festivals ahead in coming months, which could support prices. In the near term, the brokerage expects jeera futures to trade in the range of 25,500-27,200 rupees. 

End

Edited by Manisha Baxla

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