More Stories

Informist, Tuesday, Oct. 1, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange Tuesday. Jeera futures fell as arrivals increased at major markets, while turmeric futures were down due to muted domestic demand, according to analysts. 

At 1528 IST, the most active October JEERA futures contract was down 1% at INR 26,310 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 26,100 to INR 27,200 per 100 kg. 

At 1542 IST, the most active October contract of TURMERIC was down 1.5% at INR 13,822 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 13,500-INR 14,600 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 82 bags (1 bag = 40 kg), down 500 bags, Amrutlal Kataria, a local trader, said.

At 1532 IST, the most active October contract of CORIANDER was down 0.5% at INR 7,398 per 100 kg due to weak export demand weighing on prices, according to SMC Global Securities. However, firm festival demand could support prices, it said. In the near term, coriander prices are expected to trade in the range of INR 7,350–INR 7,700 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

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.