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Informist, Tuesday, Aug 13, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange today due to the bleak outlook for exports, especially due to the unrest in Bangladesh, market participants said. 

Turmeric prices were down 1.2% at 16,088 rupees per 100 kg. The prices of futures contracts fell due to bleak export demand from Bangladesh amid the political unrest. Bangladesh has been one of the largest buyers of turmeric in recent years, according to SMC Global Securities. However, reduced supplies and delayed sowing in Maharashtra due to heavy rainfall in recent weeks could support prices. In the near term, turmeric futures are seen at 16,000-16,800 rupees per 100 kg, it said.

The spot price of turmeric in the benchmark market of Nizamabad in Telangana was steady at 15,700 rupees per 100 kg. Arrivals were estimated at 800 bags (1 bag = 40 kg), up 100 bags from the previous day, local trader Amrutlal Kataria said.

Prices of CORIANDER fell 1.4% to 6,828 rupees per 100 kg as political unrest and uncertainty about new export policies in Bangladesh weighed on market sentiments, according to SMC Global Securities. Moreover, demand from China has also fallen in recent months, the report said. However, fears of a fall in production and shrinking supplies in the market could support prices, according to the brokerage. Coriander is likely to trade in the range of 6,800-7,300 rupees in the near term.

In Rajasthan's Ramganj Mandi, prices of the scooter variety were steady at 6,850-7,200 rupees per 100 kg, Manish Gupta, a local trader, said. Arrivals were at 3,500 bags (1 bag = 50 kg), down 1,500 bags from the previous day.

JEERA futures fell 2.2% to 25,760 rupees per 100 kg, as export demand was muted due to ample stocks in major producing regions. However, increased festival demand could support prices, analysts said. Prices of the commodity are seen at 25,500-26,800 rupees per 100 kg, according to analysts at SMC Global Securities. 

End

Edited by Saji George Titus

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