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Informist, Monday, Aug 19, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices rose on the National Commodity and Derivatives Exchange today. Turmeric futures rose due to short covering, while prices of coriander were higher because of firm demand amid the recent fall in prices, according to market participants.

At 1609 IST, the most-active October contract of turmeric rose 0.7% to 16,192 rupees per 100 kg on short covering, according to SMC Global Securities. However, gains are likely to be limited due to improved prospects of production. Weather conditions remained conducive for progress of crop and sowing activities in Maharashtra and Telangana. Moreover, bleak export enquiries will also put turmeric prices under pressure in the near term, according to the brokerage. Turmeric futures are expected to trade in the range of 15,700-16,300 rupees in the coming weeks.

The spot price of turmeric in the benchmark market of Nizamabad in Telangana was unavailable today as markets were shut because of heavy rainfall, local trader Amrutlal Kataria said. 

At 1610 IST, prices of CORIANDER were up 0.6% at 6,818 rupees per 100 kg. An increase in demand amid the recent fall in prices could support prices, SMC Global Securities said. However, bleak export demand from Bangladesh due to the political unrest could weigh on prices, analysts said. Coriander futures will likely trade at 6,700-7,000 rupees in the near term.

In Rajasthan's Ramganj mandi, prices were unavailable, as markets remained closed on account of Raksha Bandhan, said Manish Gupta, a local trader.

At 1611 IST, JEERA futures were 0.8% higher at 25,355 rupees per 100 kg, in anticipation of firm demand ahead of festivals, according to SMC Global Securities. However, muted export demand due to ample stocks in major producing regions could weigh on prices, analysts said. Prices of the commodity are seen at 24,800-26,000 rupees per 100 kg, according to analysts at SMC Global Securities. 

End

Edited by Vandana Hingorani

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