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Informist, Tuesday, Sep 10, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander and turmeric fell on the National Commodity and Derivatives Exchange today, while those of jeera rose. Coriander futures fell due to sluggish export demand and turmeric futures fell due to profit bookings after the recent gains in prices, according to market participants. 

The most active October contract of TURMERIC fell 0.3% to 14,150 rupees per 100 kg due to profit bookings and a slowdown in buying activities, according to SMC Global Securities. However, losses in turmeric are likely to be limited due to mounting fear of crop damage in Andhra Pradesh and Maharashtra, resulting in excessive rainfall in major growing regions. Turmeric futures are expected to trade in the range of 13,500-14,500 rupees per 100 kg in the near term.

The spot price of turmeric in the benchmark market of Nizamabad in Telangana was at 14,000 rupees per 100 kg, down 100 rupees from the previous trading day. Arrivals were estimated at 400 bags (1 bag = 40 kg) today, down 100 bags from the previous day, Amrutlal Kataria, a local trader, said.

The most active October JEERA futures contract rose 0.8% to 25,250 rupees per 100 kg. Shrinking supplies in the global market supported prices, according to analysts at SMC Global Securities. Moreover, exports are also likely to improve as Indian jeera prices are attractive for global buyers, according to the brokerage. In the near term, jeera futures are likely to trade in the range of 24,300-26,500 rupees per 100 kg.

The most active September contract of CORIANDER fell 0.2% to 6,686 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 6,850-7,350 rupees per 100 kg.

In Rajasthan's Ramganj mandi, prices of the scooter variety of coriander were steady at 6,750-7,200 rupees per 100 kg, said Manish Gupta, a local trader. Arrivals were down 1,300 bags at 3,200 bags (1 bag = 50 kg).

End

Edited by Akul Nishant Akhoury

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