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Informist, Thursday, Oct. 24, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of all spices fell on the National Commodity and Derivatives Exchange Thursday. Turmeric prices fell due to a higher production outlook, while prices of jeera futures fell as stockists started releasing their stocks in anticipation of further fall in prices, analysts said. 

At 1611 IST, the most-active December contract of TURMERIC fell 0.3% to INR 13,638 per 100 kg in anticipation of higher production, according to SMC Global Securities. However, local supplies have been tighter across India, which could support prices, the brokerage said. In the near term, prices are likely to trade in the range of INR 13,300-14,200.

At 1556 IST, the most-active November JEERA futures contract fell 0.6% to INR 25,010 per 100 kg due to profit booking and as stockists started to release stocks in the market, according to SMC Global Securities. In the market at Unjha in Gujarat, daily arrivals of jeera ranged between 12,000 and 17,000 bags, with 60% coming from Rajasthan and the rest from local farmers, traders, and stockists, according to Kedia Advisory. However, an increase in export demand and festival season demand could limit the losses, according to SMC Global Securities. In the near term, jeera is likely to trade in the range of INR 24,500-26,000 per 100 kg.

At 1558 IST, the most-active November contract of CORIANDER fell 0.3% to INR 7,346 per 100 kg as export demand tumbled, according to SMC Global Securities. Heavy carry-over stocks also weighed on prices, according to the brokerage's report. However, losses were limited by festival season demand and likely demand for the seed ahead of sowing, it said. In the near term, coriander futures are expected to trade in the range of INR 7,250-7,500 per 100 kg.

End

Edited by Vidhi Verma

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