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Informist, Friday, Sep 27, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices on the National Commodity and Derivatives Exchange fell today. Turmeric futures fell due to profit booking amid a slowdown in demand at prevailing price levels. Jeera futures fell due to excessive supplies and coriander was down due to poor export demand, according to analysts. 

At 1543 IST, the most active October contract of TURMERIC was down 0.3% at 14,370 rupees per 100 kg due to expectations of higher production and poor export demand, SMC Global Securities said. However, losses will be limited as domestic demand is firm ahead of festivals, according to the brokerage. In the near term, turmeric prices are expected to move in the range of 14,000-15,000 rupees per 100 kg.

The price of turmeric in the benchmark market of Nizamabad in Telangana was down 200 rupees at 14,200 rupees per 100 kg. Arrivals were estimated at 600 bags (1 bag = 40 kg), Amrutlal Kataria, a local trader, said.

At 1544 IST, the most active October contract of CORIANDER was down 0.3% at 7,332 rupees per 100 kg, as exports were weak, according to SMC Global Securities. Though there are expectations of higher output, firm festival demand will limit the losses, according to the brokerage. In the near term, coriander futures are likely to trade in the range of 7,150-7,500 rupees per 100 kg.

In Rajasthan's Ramganj Mandi, prices of the scooter variety of coriander were steady at 7,100-7,550 rupees per 100 kg, said Manish Gupta, a local trader. Arrivals were at 2,800 bags, down 400 bags from the previous day (1 bag = 50 kg), Gupta said. 

At 1551 IST, the most active October JEERA futures contract was down 0.1% at 26,960 rupees per 100 kg, due to excessive supplies as arrivals increased post the recent rise in prices, according to SMC Global Securities. However, Jeera prices are expected to remain firm in the near term because of improving demand prospects. Seed demand for jeera is expected to rise with the upcoming sowing season, starting next month, the brokerage said. In the near term, jeera prices are expected to trade in a range of 26,300 to 27,500 rupees per 100 kg. 

End

Edited by Avishek Dutta

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