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Informist, Thursday, Aug 22, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of jeera and coriander rose on the National Commodity and Derivative Exchanges today, while turmeric prices were steady. Jeera prices rose on increased export demand, while coriander rose due to an increase in demand ahead of festivals, according to analysts at SMC Global Securities. 

At 1645 IST, the most active September JEERA futures were up 2.3% at 25,325 rupees per 100 kg, as there is firm demand from stockists at the prevailing rates, according to SMC Global Securities. Export demand for Indian jeera increased 60% on year in June, which also supported prices. In the near term, jeera futures are likely to trade in the range of 24,000-25,800 rupees.

At 1648 IST, the most active October contract of TURMERIC was steady at 15,170 rupees per 100 kg. Prices might rise in anticipation of an increase in demand ahead of festivals, according to SMC Global Securities. However, poor export demand and an increase in production prospects could weigh on prices, according to SMC Global Securities. In the near term, turmeric futures are expected to trade in the range of 14,800-15,500 rupees.

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 700 bags (1 bag = 40 kg), up 200 bags from the previous day, local trader Amrutlal Kataria said. 

Prices of CORIANDER rose 0.8% to 6,940 rupees per 100 kg, due to an increase in demand in the wake of a series of festivals ahead, according to SMC Global Securities. Coriander futures are likely to trade in the range of 6,680-7,000 rupees in the near term. 

In Rajasthan's Ramganj Mandi, scooter variety prices were steady at 6,700-7,100 rupees per 100 kg, Manish Gupta, a local trader, said. Arrivals were steady at 3,000 bags (1 bag = 50 kg).

End

Edited by Manisha Baxla

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