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Informist, Thursday, Jul 25, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander and jeera rose today on the National Commodity and Derivatives Exchange, while those of turmeric fell owing to subdued export demand, according to analysts at SMC Global Securities. 

The most active August contract of TURMERIC was down 1.5% at 15,758 rupees per 100 kg, on sluggish overseas demand. However, lower acreage in some places could lead to a fall in production and support prices. Acreage in Andhra Pradesh is down 11.6% so far in 2024, according to SMC Global Securities. 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 up 100 rupees at 15,900 rupees per 100 kg. Arrivals were estimated at 900 bags (1 bag = 40 kg), the same as the previous day, local trader Amrutlal Kataria said.

The most active July contract of CORIANDER rose 0.2% to 7,228 rupees per 100 kg as supplies are expected to tighten going ahead with overall production in Jul-Jun pegged lower by 26%, according to SMC Global Securities. However, poor export demand could weigh on prices. In the near term, coriander prices are seen in the range of 7,000-7,400 rupees, the brokerage said. 

The most active July contract of JEERA was up 2.5% at 26,720 rupees per 100 kg, as demand improved and is likely to increase further ahead of festivals in the coming months, according to SMC Global Securities. However, a rise in selling pressure and a fall in overseas demand could weigh on prices, according to the brokerage. Higher carry forward stocks could also weigh on prices. In the near term, jeera futures are likely to trade in the range of 25,000-27,200 rupees, the brokerage said. 

End

Edited by Deepshikha Bhardwaj

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