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Informist, Monday, Sep 2, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices rose on the National Commodity and Derivatives Exchange today. Jeera futures rose due to firm demand ahead of festivals and coriander rose due to lower arrivals, according to market participants.

The most-active September JEERA futures rose 2% to 26,205 rupees per 100 kg due to an improvement in domestic demand during the festival season, according to SMC Global Securities. Moreover, supply of jeera fell at major trading centres due to hoarding, which also supported prices, according to the brokerage. 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 25,000-26,500 rupees.

The most-active September contract of CORIANDER rose 0.3% to 6,968 rupees per 100 kg, due to tight supply in the domestic market, according to SMC Global Securities. However, subdued demand from China in recent months is likely to weigh on prices, the brokerage said. Coriander futures will likely trade at 6,700-7,100 rupees.

In Rajasthan's Ramganj Mandi, prices were unavailable today as markets were closed on account of amavasya, said Manish Gupta, a local trader.

The most-active October contract of TURMERIC rose 0.6% to 13,500 rupees per 100 kg due to short covering triggered by shrinking supplies in the domestic market, according to SMC Global Securities. However, weather conditions have been favourable for crop progress in Maharashtra. Farmers in Karnataka and Maharashtra have shown strong enthusiasm for turmeric sowing, which is expected to increase the area under turmeric cultivation by approximately 10-13% in the upcoming season, according to the brokerage. Turmeric futures are expected to trade in the range of 13,100-14,000 rupees in the near term. 

The spot price of turmeric in the benchmark market of Nizamabad in Telangana was unavailable today as markets were closed due to amavasya, said local trader Amrutlal Kataria.

End

Edited by Akul Nishant Akhoury

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