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Informist, Wednesday, Sep 4, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander and jeera on the National Commodity and Derivatives Exchange fell today, while those of turmeric rose. The fall in jeera and coriander was due to profit booking, market participants said. 

The most active September JEERA futures contract fell 2.2% to 25,500 rupees per 100 kg due to profit-booking and higher carry-forward stocks, according to SMC Global Securities. Adequate global supplies also weighed on jeera prices. However, firm demand ahead of a number of festivals could support coriander 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 fell 1.3% to 6,800 rupees per 100 kg due to muted demand in the domestic market and sluggish demand from China and Bangladesh, according to SMC Global Securities. However, prices may recover soon as overall supplies are down due to a sharp fall in production in 2024, the brokerage said. In the near term, coriander futures are likely to trade in the range of 6,900-7,150 rupees per 100 kg. 

In Rajasthan's Ramganj mandi, coriander prices were down 50 rupees at 6,700-7,100 rupees today, with arrivals steady at 4,000 bags (1 bag = 50 kg), said Manish Gupta, a local trader.

The most active October contract of TURMERIC rose 1.8% to 13,678 rupees per 100 kg as the forecast of heavy rainfall could be harmful for the crop in some places in Maharashtra, said analysts at SMC Global Securities. Concerns about lower supplies at mandis and higher demand during the festival season will prompt millers to buy turmeric, they said. 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 at 13,700 rupees per 100 kg, steady from the previous trading day. Arrivals were estimated at only 140 bags (1 bag = 40 kg) today due to heavy rainfall, local trader Amrutlal Kataria said.

End

Edited by Avishek Dutta

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