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Informist, Friday, Oct. 25, 2024

By Taniva Singha Roy

MUMBAI - Futures contracts of all spices on the National Commodity and Derivatives Exchange fell on Friday. Turmeric futures fell on prospects of higher output during the upcoming season, jeera was down on profit booking, while coriander was down on increasing selling pressure in the market, according to analysts.

At 1557 IST, the most-active November contract of CORIANDER was down 0.5% at INR 7,302 per 100 kg due to selling pressure and and poor export demand, according to SMC Global Securities. Heavy carry-over stocks also weighed on prices, according to the brokerage's report. However, the losses were limited due to festival season demand and likely demand for the seeds 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.

At 1558 IST, the most-active December contract of TURMERIC was 2.4% lower at INR 13,278 per 100 kg on higher production prospects for the upcoming season, according to SMC Global Securities. Crop conditions in Maharashtra and Telangana improved due to favourable weather. However, losses in turmeric are likely to be limited because of lower supplies at major trading centres, according to the brokerage. In the near term, turmeric prices are likely to trade in the range of INR 13,300-14,200.

At 1558 IST, the most-active November JEERA futures fell 1.9% to INR 24,550 per 100 kg due to profit booking and as stockists started to release stocks in the market, according to SMC Global Securities. 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 24,500-25,500 per 100 kg.

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Edited by Vandana Hingorani

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