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Informist, Monday, Jul 29, 2024

By J. Navya Sruthi

MUMBAI – Futures contracts of turmeric and coriander were in the red on the National Commodity and Derivatives Exchange today owing to lower export demand, market participants said. Jeera contracts ended in the green due to the upcoming festive season, they said.

TURMERIC prices closed in the red today due to sluggish overseas demand. "Lukewarm demand was noticed at the Nizamabad market as buyers stayed away from heavy buying in anticipation of further fall in prices," SMC Global Securities said in a report. "Heavy stocks and reports of increased imports are likely to weigh on market sentiments," the brokerage added. In the near term, turmeric futures are likely to trade in the range of 15,300-16,200 rupees per 100 kg, it said.

Prices of CORIANDER were down on muted exports and higher carry-forward stock, traders said. Sluggish buying is also likely to weigh on prices, they said. "However, losses are likely to be limited due to weaker production estimates and slower pace of arrivals at major trading centres," SMC Global's report said. Coriander prices are likely to trade in a range of 7,000-7,400 rupees per 100 kg. 

In Rajasthan's Ramganj Mandi, prices of the scooter variety of coriander were steady at 7,000-7,450 rupees per 100 kg, local traders said. Arrivals were at 5,000 bags (1 bag = 50 kg), unchanged from the previous day, trader Satyanarayana Gupta said. Current coriander prices are very low and are expected to rise mid-August, with the start of the festival season leading to more demand, he said.

JEERA prices rose today on the NCDEX anticipating upcoming festive demand, traders said. However, excess supply in the domestic market is likely to restrict the gains, SMC Global said. Jeera prices are likely to trade in a range of 25,500-27,800 rupees per 100 kg, the broking firm said.

End

Edited by Rajeev Pai

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