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Informist, Monday, Sept. 30, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of jeera and turmeric fell on the National Commodity and Derivatives Exchange Monday, while those of coriander rose. Turmeric futures fell due to muted domestic demand, while coriander was due to sluggish export demand, according to analysts. 

At 1549 IST, the most active October contract of TURMERIC was down 1.3% at INR 14,180 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 INR 13,800-INR 14,900 per 100 kg. 

The price of turmeric in the benchmark market of Nizamabad in Telangana was steady at INR 14,200 per 100 kg. Arrivals were estimated at 100 bags (1 bag = 40 kg), down 500 bags, Amrutlal Kataria, a local trader, said.

At 1548 IST, the most active October JEERA futures contract was down 1% at INR 26,600 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 INR 26,300 to INR 27,500 per 100 kg. 

At 1629 IST, the most active October contract of CORIANDER was up 0.9% at INR 7,418 per 100 kg on firm festival demand, according to SMC Global Securities. However, weak export demand could weigh on prices, it said. In the near term, coriander prices are expected to trade in the range of INR 7,150–INR 7,500 per 100 kg, the brokerage said.

In Rajasthan's Ramganj Mandi, prices of the scooter variety of coriander were up INR 50 at INR 7,150-INR 7,600 per 100 kg, said Manish Gupta, a local trader. Arrivals were at 2,800 bags (1 bag = 50 kg), down 400 bags from the previous day, Gupta said. 

End

Edited by Manisha Baxla

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