More Stories

Informist, Wednesday, Jul 31, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices closed in the green on the National Commodity and Derivatives Exchange today. Jeera and turmeric prices rose in anticipation of the upcoming festival demand, and coriander futures rose on a weaker production outlook, market participants said.

JEERA prices were up 0.5% at 26,850 rupees per 100 kg today on the NCDEX, said traders. However, excess supply in the domestic market and subdued export demand are likely to restrict the gains, SMC Global Securities said. Jeera prices are likely to trade in a range of 25,500-27,800 rupees per 100 kg, the broking firm said.

TURMERIC prices closed in the green at 15,850 rupees per 100 kg, up 2.1%, due to a weaker production outlook and rise in festival demand, according to analysts at SMC Global Securities. However, "heavy stocks and reports of increased imports are likely to weigh on market sentiment", they added. In the near term, turmeric futures are likely to trade in the range of 15,000-16,200 rupees per 100 kg, 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 500 bags (1 bag = 40 kg), down 1,300 bags from the previous day, local trader Amrutlal Kataria said.

Prices of CORIANDER rose 0.4% to 7,242 rupees per 100 kg, in anticipation of lower production. Coriander production is seen 26% lower in 2024-25 (Jul-Jun), according to SMC Global Securities. However, higher carryforward stock 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 per 100 kg.

In Rajasthan's Ramganj Mandi, prices of the scooter variety of coriander were up 50 rupees at 7,050-7,500 rupees per 100 kg, local traders said. Arrivals were at 3,800 bags (1 bag = 50 kg), down 1,200 bags from the previous day, said Manish Gupta, a local trader. 

End

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.