More Stories

Informist, Monday, Oct. 28, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of spices fell on the National Commodity and Derivatives Exchange Monday. Turmeric and coriander futures fell due to muted demand in the domestic markets, while jeera declined due to rising supplies, analysts said.

The most-active December contract of TURMERIC fell 1% to INR 13,136 per 100 kg due to muted domestic demand and higher production prospects for the upcoming season, according to SMC Global Securities. Crop conditions in Maharashtra and Telangana improved due to favourable weather. Global supplies are expected to improve with rising supplies from Indonesia and Vietnam, according to the brokerage. In the near term, turmeric prices are likely to trade in the range of INR 13,000-13,600.

The most-active November contract of CORIANDER declined 0.6% to INR 7,220 per 100 kg due to muted domestic and export demand, according to SMC Global Securities. Improved sowing conditions in northern India also weighed on market sentiments, according to the brokerage. Heavy carry-over stocks also weighed on prices, according to the brokerage. However, the losses were limited as there is likely to be demand for the seeds ahead of sowing, it said. In the near term, coriander futures are expected to trade in the range of INR 7,050-7,500 per 100 kg.

The most-active November JEERA futures fell 0.3% to INR 24,420 per 100 kg due to rising supplies in the domestic market, according to SMC Global Securities. Stockists released stocks in fear of a further fall in prices, which also weighed on prices, the brokerage said. 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.

End

Edited by Saji George Titus

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.