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Informist, Wednesday, Sep 25, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of turmeric, coriander and jeera rose on the National Commodity and Derivatives Exchange today. Prices of spices rose on hopes of firm demand ahead of the festival season, analysts said.

The most active October contract of TURMERIC rose 1.3% to 14,716 rupees per 100 kg due to firm domestic demand ahead of festivals, SMC Global Securities said. However, gains will be limited as there is an expectation of higher production and poor export demand, according to the brokerage. In the near term, turmeric prices are expected to move in 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 steady at 14,500 rupees per 100 kg. Arrivals were estimated at 400 bags (1 bag = 40 kg), Amrutlal Kataria, a local trader, said.

The most active October futures contract of JEERA rose 1.0% to 27,075 rupees per 100 kg. Jeera prices are expected to remain firm in the near term because of improving demand prospects, according to SMC Global. "Active festive demand, which contrasts with previously muted demand, is a key factor likely to support the current firmness in prices." 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. In the near term, jeera prices are expected to trade within a range of 26,500 to 27,500 rupees per 100 kg.

The most active October contract of CORIANDER rose 0.7% to 7,350 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, SMC Global said. In the near term, coriander futures are likely to trade in the range of 7,050-7,400 rupees per 100 kg.

End

Edited by Saji George Titus

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