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Informist, Friday, Jul 26, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander rose on the National Commodity and Derivatives Exchange today while those of turmeric were steady and jeera fell. Coriander futures rose as production is likely to be lower, according to analysts at SMC Global Securities.

At 1633 IST, the most-active July contract of CORIANDER rose 1% to 7,280 rupees per 100 kg, in anticipation of lower production. Coriander production is seen down 26% in 2024-25 (Jul-Jun), according to SMC Global Securities. However, higher carry forward stocks and weak demand in the domestic market could weigh on prices. In the near term, coriander futures are likely to trade in the range of 7,000-7,400 rupees.

In Rajasthan's Ramganj Mandi, prices of the scooter variety of coriander were steady at 7,000-7,450 rupees per 100 kg. Arrivals were at 2,400 bags (1 bag = 50 kg), up 600 bags from the previous day, according to local trader Manish Gupta.

At 1634 IST, the most-active July contract of JEERA was down 0.5% at 26,590 rupees per 100 kg, due to sluggish demand in major trading centres. Rise in selling pressure and fall in overseas demand also weighed on prices, according to SMC Global Securities. However, demand is likely to improve ahead of festivals in the coming months, according to the brokerage. In the near term, jeera futures are likely to trade in the range of 25,500-27,800 rupees.

At 1639 IST, the most-active August contract of TURMERIC was steady at 15,740 rupees per 100 kg. Prices could fall due to sluggish overseas demand. However, lower acreage in some places could lead to 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 down 100 rupees at 15,800 rupees per 100 kg. Arrivals were estimated at 1,400 bags (1 bag = 40 kg), up 500 bags from the previous day, local trader Amrutlal Kataria said.

End

Edited by Ashish Shirke

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