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Informist, Friday, Sep 6, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange today. Coriander and jeera futures fell due to higher carry-forward stocks in the market, according to analysts at SMC Global Securities. 

The most active October contract of CORIANDER fell 1.02% to 6,960 rupees per 100 kg as there are surplus carry-forward stocks in the market amid limited export demand, according to SMC Global Securities. Buying from China and Bangladesh has reduced in recent months, which adversely impacted overall coriander exports, according to the brokerage. In the near term, coriander prices are likely to trade in the range of 6,900-7,350 rupees per 100 kg.

In Rajasthan's Ramganj Mandi, prices of scooter variety of coriander were down 50–100 rupees at 6,750-7,100 rupees per 100 kg, said Manish Gupta, a local trader. Arrivals were up 2,000 bags at 5,500 bags (1 bag = 50 kg).

The most active October JEERA futures contract fell 0.5% to 25,075 rupees per 100 kg due to ample carry-forward stocks. However, firm demand ahead of festivals could limit losses, according to SMC Global Securities. In the near term, jeera futures are likely to trade in the range of 25,000-26,500 rupees per 100 kg.

The most active October contract of TURMERIC fell 1.3% to 14,020 rupees per 100 kg. However, fear of crop damage in Andhra Pradesh and Maharashtra following excessive rainfall in the major growing regions could support prices, according to analysts at SMC Global Securities. In the near term, turmeric futures are expected to trade in the range of 13,100-14,000 rupees per 100 kg.

The spot price of turmeric in the benchmark market of Nizamabad in Telangana was at 13,900 rupees per 100 kg, up 200 rupees from the previous trading day. Arrivals were estimated at 200 bags (1 bag = 40 kg) today, down 200 bags from the previous day, Amrutlal Kataria, a local trader, said.

End

Edited by Tanima Banerjee

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