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Informist, Wednesday, Sep 18, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander fell on the National Commodity and Derivatives Exchange today, while those of jeera and turmeric rose. Jeera futures rose on firm demand prospects ahead of festivals, according to market participants, while turmeric futures rose on concerns of potential crop damage.

The most-active October JEERA futures contract rose 0.3% to 26,000 rupees per 100 kg in anticipation of firm prospects ahead of festivals, according to SMC Global Securities. Additionally, demand for jeera seed is likely to improve as sowing activities begin next month, the brokerage said. However, gains may be limited as millers and stockists are sitting on large stocks, it said. In the near term, jeera is likely to trade in the range of 25,300-26,300 rupees.

The most-active October contract of TURMERIC rose 1% to 14,570 rupees per 100 kg owing to concerns of potential crop damage caused by adverse weather conditions in the country's central and southern regions. The current festive buying and tighter stocks with millers and stockists are also prompting them to buy on every dip in prices, according to SMC Global Securities. Turmeric futures are expected to trade in the range of 14,100-14,900 in the near term.

The most-active October contract of CORIANDER fell 0.3% to 7,246 rupees per 100 kg because of higher carryover stocks, according to SMC Global Securities. However, coriander prices are expected to rise on aggressive buying in the domestic market in the wake of upcoming festivals and a rise in seed demand for sowing, the brokerage said. Coriander futures are likely to trade in the range of 7,050-7,400 rupees. 

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

End

Edited by Rajeev Pai

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