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Informist, Thursday, Aug 29, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of jeera and turmeric rose on the National Commodity and Derivatives Exchange today, while prices of coriander were steady. Jeera futures rose due to a surge in export demand and anticipation of firm domestic demand ahead of festivals, market participants said.

The most-active September JEERA futures rose 0.7% to 25,600 rupees per 100 kg due to rise in domestic demand ahead of festivals and demand from overseas, SMC Global Securities 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.

The most-active October contract of TURMERIC rose 5% to 13,494 rupees per 100 kg, in anticipation of rise in demand ahead of festivals, according to SMC Global Securities. However, subdued export demand could weigh on prices. Turmeric futures are expected to trade in the range of 12,500-13,200 rupees in the upcoming week.

The spot price of turmeric in the benchmark market of Nizamabad in Telangana was down 300 rupees at 13,700 rupees per 100 kg from the previous trading day. Arrivals were estimated at 1,000 bags (1 bag = 40 kg), up 600 bags from the previous day, local trader Amrutlal Kataria said.

Prices of CORIANDER were steady at 6,966 rupees per 100 kg. Weak overseas demand could weigh on prices, according to SMC Global Securities. On the other hand, firm demand from stockists at prevailing rates and weak production prospects could support prices, according to the brokerage. Coriander futures will likely trade at 6,700-7,100 rupees in the near term.

In Rajasthan's Ramganj Mandi, prices of the scooter variety were down 50–100 rupees at 6,750-7,150 rupees per 100 kg, said Manish Gupta, a local trader. Arrivals were at 4,500 bags (1 bag = 50 kg), up 1,000 bags from the previous day.

End

Edited by Ashish Shirke

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