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Informist, Friday, Oct. 11, 2024

By Pallavi Singhal

NEW DELHI – Futures contracts of coriander closed in the green on the National Commodity and Derivatives Exchange Friday due to falling arrivals, analysts said. However, futures contracts of jeera and turmeric closed in the red on expectations of higher production and lower demand amid increased arrivals in the market, according to analysts.   

The most-active November contract of CORIANDER closed at INR 7,406 per 100 kilograms, up 0.1% from the previous close on falling arrivals, according to SMC Global Securities. Farmers and stockists are reluctant to release their stock due to the recent fall in prices and the ongoing festival buying, and the expectation of a rise in seed demand in coming weeks is likely to support prices, it said.

However, the upside is likely to be limited with limited export queries, the brokerage said. Coriander prices in the near term are expected to move in the range of INR 7,300–7,750 per 100 kg, it said.

The most-active November JEERA futures fell 0.7% and closed at INR 25,865 per 100 kg on expectations of higher production weighed on the market, according to Kedia Stocks & Commodities Research Pvt. Ltd. However, the downside was limited due to strong domestic and export demand, along with tight global supplies, it said. But export prospects could be dampened as the mounting tension in West Asia, due to ongoing conflict between Israel and Iran, is likely to cap the gains, according to SMC Global. In the near term, jeera prices are expected to move in a range of INR 25,825-26,700 per 100 kg, as per SMC. 

The most-active December contract of TURMERIC closed 2% lower at INR 13,552 per 100 kg--driven by lower demand amid increased arrivals in the market. However, the downside was limited due to reports of potential crop damage caused by heavy rains in key growing regions such as Nanded and Hingoli, where losses could be higher than initially expected, Kedia research said.

Despite this short-term weakness, prices are expected to gain support in the coming weeks due to low supply and adverse weather conditions, especially with five months still left before the next harvest, the research firm said. In the near term, turmeric prices are expected to move in the range of INR 13,000-14,300 per 100 kg, as per SMC.

End

Edited by Manisha Baxla

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