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Informist, Friday, Sep 20, 2024

By J. Navya Sruthi

MUMBAI – Futures contracts of spices rose on the National Commodity and Derivatives Exchange today. Coriander and jeera futures rose on firm festival demand while turmeric futures were up on supply concerns stemming from crop damage, market participants said.

The most active October contract of TURMERIC rose nearly 2% to 14,422 rupees per 100 kg due to lingering supply concerns owing to crop damage in the central and southern parts of the country, according to SMC Global Securities. "Turmeric supplies have been notably lower this season, with only 103,000 tn arriving at major trading centres across India between April and mid-September, compared to 226,000 tn during the same period last year," according to the report. In the near term, turmeric is likely to trade in the range of 13,800-14,900 rupees per 100 kg.

The most active October contract of CORIANDER rose 0.7% to 7,334 rupees per 100 kg on aggressive buying in local markets and firm festival demand, analysts said. Sowing activities are likely to commence in the coming months and those will lead to a rise in seed demand, according to the SMC Global report. In the near term, coriander futures are likely to trade in the range of 7,050-7,400 rupees per 100 kg. 

The most active October JEERA futures contract rose 0.9% to 26,415 rupees per 100 kg. Jeera prices are expected to remain firm in the near term because of improving demand prospects, according to the report. "Active festive demand, which contrasts with previously muted demand, is a key factor likely to support the current firmness in prices."

Also, seed demand for jeera is likely to improve in the wake of commencement of sowing activities from next month. In the near term, jeera futures are likely to trade in the range of 25,700-26,500 rupees. 

End

Edited by Rajeev Pai

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