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Informist, Monday, Sep 23, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander and turmeric on the National Commodity and Derivatives Exchange fell today, while those of jeera rose. Turmeric prices fell in anticipation of an increase in production, while coriander fell due to sluggish export demand, according to SMC Global Securities. Jeera prices rose on improving demand prospects with the festival season underway.

The most active October contract of TURMERIC fell nearly 0.4% to 14,358 rupees per 100 kg, as there is anticipation of higher production and poor export demand, according to SMC Global Securities. However, losses will be limited, due to firm domestic demand ahead of festivals, according to the brokerage. In the near term, turmeric prices are expected to fluctuate within the range of 14,000 to 15,000 rupees per 100 kg.

The spot price of turmeric in the benchmark market of Nizamabad in Telangana was up 300 rupees at 14,000 rupees per 100 kg. Arrivals were estimated at 100 bags (1 bag = 40 kg), Amrutlal Kataria, a local trader, said.

The most active October contract of CORIANDER fell 0.8% to 7,296 rupees per 100 kg, due to poor export demand, according to SMC Global Securities. However, firm demand in the local market will limit the losses, according to the brokerage. In the near term, coriander prices are likely to trade within the range of 7,250-7,600 rupees, supported by both local and seed demand.

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 5,000-6,000 bags (1 bag = 50 kg), Gupta said. 

The most active October JEERA futures contract rose nearly 1.1% to 26,700 rupees per 100 kg. Jeera prices are expected to remain firm in the near term because of improving demand prospects, according to the brokerage. "Active festive demand, which contrasts with previously muted demand, is a key factor likely to support the current firmness in prices."

End

Edited by Rajeev Pai

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