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Informist, Wednesday, Aug 21, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander and turmeric fell on the National Commodities and Derivatives Exchange today, while those of jeera rose. Turmeric and coriander futures fell due to bleak overseas demand, according to market participants. 

The most active October contract of TURMERIC fell 6% to 15,126 rupees per 100 kg, due to poor export demand along with improved prospects of production, according to SMC Global Securities. However, firm demand ahead of festivals and prospects of resumption of trade activities with Bangladesh could lift prices. Turmeric futures are expected to trade in the range of 15,700-16,500 rupees in the upcoming week.

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 500 bags (1 bag = 40 kg), down 100 bags from the previous day, local trader Amrutlal Kataria said. 

The most active September JEERA futures were up 0.6% at 24,985 rupees per 100 kg, as there is firm demand from stockists at the prevailing rates, according to SMC Global Securities. However, as overseas demand was muted, gains could be limited according to SMC Global Securities. Supplies increased from China, Syria, Turkey, and Afghanistan, leading to a fall in demand for Indian jeera, according to SMC Global Securities. In the near term, Jeera futures are likely to trade in the range of 24,800-25,800 rupees.

Prices of CORIANDER were down 0.8% at 6,768 rupees per 100 kg, due to subdued export demand, according to SMC Global Securities. However, an increase in demand in the wake of a series of festivals ahead could limit the losses, according to the brokerage. Coriander futures are likely to trade in the range of 6,700-7,000 rupees in the near term. 

In Rajasthan's Ramganj Mandi, scooter variety prices were down 200 rupees at 6,500-7,000 rupees per 100 kg, Manish Gupta, a local trader, said. Arrivals were at 3,000 bags (1 bag = 50 kg), down 500 bags from the previous working day.

End

Edited by Manisha Baxla

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