India Spices
Most up; coriander falls on continued selling pressure
This story was originally published at 21:56 IST on 6 August 2024
Register to read our real-time news.Informist, Tuesday, Aug 6, 2024
By J. Navya Sruthi
MUMBAI – Futures contracts of jeera and turmeric rose today on the National Commodity and Derivatives Exchange. Coriander futures fell due to selling pressure on ample supplies in the domestic market and subdued overseas demand, analysts said.
JEERA futures closed in the green at 25,900 rupees per 100 kg, up 0.1%, due to increased festival demand, analysts said. Prices of the commodity are likely to trade in a range of 25,200-27,000 rupees per 100 kg, according to analysts at SMC Global Securities.
TURMERIC closed in the green at 15,890 rupees per 100 kg, up 0.21%, due to a weaker production outlook and a rise in festival demand, according to analysts at SMC Global Securities. Reduced supplies and delayed sowing in Maharashtra due to heavy rainfall in recent weeks also support prices. In the near term, turmeric futures are likely to trade in the range of 15,800-16,700 rupees per 100 kg, it said.
Prices of CORIANDER fell 1% to 7,096 rupees per 100 kg, due to selling pressure continuing on ample supplies in the domestic market, Kotak Securities said in a note. Subdued overseas demand also weighed on prices, according to analysts at SMC Global Securities.
However, due to a weaker production outlook and improved buying, losses are likely to be limited. In the near term, coriander futures are likely to trade in the range of 7,000-7,400, according to the brokerage.
Contract | Exchange | Unit (kg) | Price (rupees) | Change (rupees) |
Coriander Sep | NCDEX | 100 | 7,096 | (-)68 |
Jeera Sep | NCDEX | 100 | 25,900 | 35 |
Turmeric Aug | NCDEX | 100 | 15,890 | 34 |
End
Edited by Deepshikha Bhardwaj
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