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Informist, Wednesday, Jul 24, 2024

BY Taniva Singha Roy

MUMBAI – Futures contracts of coriander and jeera fell today on the National Commodity and Derivatives Exchange, while those of turmeric rose. Jeera futures fell due to rise in selling pressure, according to analysts at SMC Global Securities.

The most-active July contract of JEERA was down 0.6% at 26,095 rupees per 100 kg, due to rise in selling pressure and fall in overseas demand, according to SMC Global Securities. Higher carry forward stocks also weighed on prices. However, demand for spices in general is expected to rise ahead of festivals in the coming months, the brokerage said. In the near term, jeera futures are likely to trade in the range of 25,000-27,200 rupees, the brokerage said. 

The most-active July contract of CORIANDER fell 0.1% to 7,216 rupees per 100 kg due to muted export demand. Supplies are expected to tighten going ahead with overall production in Jul-Jun pegged lower by 26%, according to SMC Global Securities. In the near term, coriander prices are seen in the range of 7,000-7,400 rupees, the brokerage said. 

In Rajasthan's Ramganj Mandi, the scooter variety of coriander was up 100–250 rupees at 7,000-7,450 rupees per 100 kg. Arrivals were at 1,800 bags (1 bag = 50 kg), down 200 bags from the previous day, according to local trader Manish Gupta.

The most-active August contract of TURMERIC was up 0.4% at 16,000 rupees per 100 kg, as lower acreage in some places could lead to fall in production. Acreage in Andhra Pradesh is down 11.6% so far in 2024, according to SMC Global Securities. However, subdued export demand could weigh on prices. In the near term, turmeric futures are likely to trade in the range of 15,500-16,400 rupees, it said.

The spot price of turmeric in the benchmark market of Nizamabad in Telangana was steady at 15,800 rupees per 100 kg. Arrivals were estimated at 900 bags (1 bag = 40 kg), up 350 bags from the previous day, local trader Amrutlal Kataria said.

End

Edited by Ashish Shirke

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