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Informist, Monday, Sep 16, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of spices rose on the National Commodity and Derivatives Exchange today. While coriander and jeera futures rose on firm domestic demand, turmeric futures were up on fears of crop damage due to heavy rainfall, market participants said.

The most active October contract of TURMERIC rose 2.3% to 14,470 rupees per 100 kg due to lingering fears of crop damage due to heavy rainfall in the central and southern regions, according to SMC Global Securities. Firm demand ahead of festivals and lower stocks with millers and stockists also supported the prices.

The most active October contract of CORIANDER rose 3.2% to 7,300 rupees per 100 kg due to firm festival demand and expectations of a rise in seed demand for sowing, SMC Global Securities said. Sowing activities are likely to commence in coming months and that will lead to a rise in seed demand, it said. However, the fact that the market is running with heavy carryover stocks and export demand has been muted will cap major gains to prices, the brokerage said. In the near term, coriander futures are likely to trade in the range of 7,050-7,400 rupees. 

In Rajasthan's Ramganj market, prices of the scooter variety of coriander rose 100 rupees to 6,850-7,300 rupees per 100 kg, said Manish Gupta, a local trader. Arrivals were up by 1,300 bags at 4,500-5,000 bags (1 bag = 50 kg).

The most active October JEERA futures contract rose 1.1% to 25,770 rupees per 100 kg on improved demand prospects, ahead of festivals, according to SMC Global Securities. Seed demand for Jeera is likely to improve in the wake of commencement of sowing activities from next month. Export numbers have also improved in recent weeks as Indian prices turned competitive, according to the brokerage. In the near term, Jeera futures are likely to trade in the range of 24,800-26,000 rupees. 

End

Edited by Saji George Titus

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