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Informist, Wednesday, Aug 28, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander and turmeric fell on the National Commodity and Derivatives Exchange today, while those of jeera rose. Turmeric futures prices fell due to prospects of improved supply, while coriander fell due to subdued export demand, according to SMC Global Securities. 

The most active October contract of TURMERIC fell 6% to 12,800 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 declined sharply 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 500 rupees at 14,000 rupees per 100 kg from the previous trading day. Arrivals were estimated at 400 bags (1 bag = 40 kg), down 200 bags from the previous day, local trader Amrutlal Kataria said. 

Prices of CORIANDER fell 0.7% to 6,968 rupees per 100 kg, due to weak overseas demand, according to SMC Global Securities. However, firm demand from stockists at prevailing rates and weak production prospects could limit losses, according to the brokerage. Coriander futures will likely trade around 6,950-7,300 rupees in the near term. 

In Rajasthan's Ramganj Mandi, prices of scooter variety were up 100 rupees at 6,800-7,200 rupees per 100 kg, said Manish Gupta, a local trader. Arrivals were steady at 3,500 bags (1 bag = 50 kg).

The most active September JEERA futures rose 0.4% to 25,530 rupees per 100 kg due to a rise 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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