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Informist, Thursday, Sep 5, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices rose on the National Commodity and Derivatives Exchange today. Turmeric futures rose owing to fresh demand triggered by concern of crop damage in some states. Jeera and coriander prices rose due to firm demand ahead of festivals, said market participants.

The most active October contract of TURMERIC rose 4% to 14,230 rupees per 100 kg as there was fresh buying driven by mounting fear of crop damage in Andhra Pradesh and Maharashtra following excessive rainfall in the major growing regions, according to analysts at SMC Global Securities. Tighter pipeline stocks and firm demand ahead of festivals also supported prices, according to the brokerage. In the near term, turmeric futures are expected to trade in the range of 13,100-14,000 rupees.

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 400 bags (1 bag = 40 kg) today, up 260 bags from the previous day, local trader Amrutlal Kataria said.

The most active September JEERA futures contract rose 0.5% to 25,570 rupees per 100 kg due to firm demand ahead of festivals, according to SMC Global Securities. However, adequate global supplies could weigh on jeera prices, the brokerage said. In the near term, jeera futures are likely to trade in the range of 25,000-26,500 rupees, it said.

The most active October contract of CORIANDER rose 0.3% to 7,020 rupees per 100 kg due to firm demand ahead of festivals, according to SMC Global Securities. However, muted demand in the domestic market and sluggish demand from China and Bangladesh could weigh on prices, according to SMC Global Securities. In the near term, coriander futures are likely to trade in the range of 6,900-7,150 rupees per 100 kg, the brokerage said. 

End

Edited by Rajeev Pai

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