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Informist, Tuesday, Aug 27, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander and jeera rose and turmeric declined today on the National Commodities and Derivatives Exchange. Turmeric futures prices fell due to improved supply prospects, according to analysts at SMC Global Securities. 

The most active October contract of TURMERIC fell 2.7% to 13,600 rupees per 100 kg due to improved prospects of higher 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 13,700-15,000 rupees in the upcoming week.

Turmeric prices have sharply declined due to increased sowing, higher production expectations, and reduced export demand. Rising freight costs have further dampened competitiveness, according to Kedia Advisory. The spot price of turmeric in the benchmark market of Nizamabad in Telangana was down 1,200 rupees at 14,500 rupees per 100 kg from the previous trading day. Arrivals were estimated at 600 bags (1 bag = 40 kg), down 100 bags from the previous day, local trader Amrutlal Kataria said. 

Prices of CORIANDER rose 2.5% to 7,016 rupees per 100 kg due to increasing demand at the prevailing market rates and weak production prospects, according to analysts at SMC Global Securities. However, weak export demand from China and Bangladesh will likely weigh on the price, the brokerage said. Coriander futures will likely trade around 6,700-7,000 rupees in the near term. 

In Rajasthan's Ramganj Mandi, prices of scooter variety were steady at 6,700-7,100 rupees per 100 kg, said Manish Gupta, a local trader. Arrivals were at 3,500 bags (1 bag = 50 kg), up 500 bags from the previous day.

The most active September JEERA futures rose 0.4% to 25,450 rupees per 100 kg due to a surge in demand in the domestic market ahead of festivals and overseas demand, SMC Global said. However, the availability of carryover stocks could weigh on prices, according to the brokerage. In the near term, jeera futures are likely to trade in the range of 24,700-26,000 rupees.

End

Edited by Akul Nishant Akhoury

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