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Informist, Thursday, Sep 19, 2024

By Pallavi Singhal

MUMBAI - Futures contracts of coriander and jeera rose on the National Commodity and Derivatives Exchange today, while those of turmeric fell. Jeera futures rose on firm demand prospects ahead of festivals, according to market participants, while turmeric futures fell due to profit-booking, analysts said.

The most active October JEERA futures contract rose 1.4% to 26,280 rupees per 100 kg on the back of higher demand ahead of the festive season, according to SMC Global Securities. Additionally, seed demand for jeera is expected to rise with the upcoming sowing season, starting next month, which will further bolster demand, 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 25,300-26,500 rupees.

The most active October contract of CORIANDER rose 0.4% to 7,268 rupees per 100 kg, driven by aggressive buying in the local market which was supported by strong festive demand, SMC Global Securities said. Additionally, reports of limited availability of high-quality sowing seeds contributed to the positive momentum in prices." However, the upside may be limited with a weaker export performance, with India exporting only 4,500 tn of dhaniya in June 2024, marking a 60% year-on-year decline, according to SMC's report. Coriander futures are likely to trade in the range of 7,050-7,400 rupees. 

The most active October contract of TURMERIC fell 3% to 14,130 rupees per 100 kg on profit booking on recent gains, Ravi Shankar Pandey, analyst at SMC securities said. "Subdued exports are still a major concern. Buying was also slow in Nizamabad and Sangli markets today. Major trade is likely to remain positive on tighter supply situation in the market," he said. Turmeric futures are expected to trade in the range of 14,100-14,900 in the near term.

End

Edited by Deepshikha Bhardwaj

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