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Informist, Thursday, Oct. 31, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander and turmeric on the National Commodity and Derivatives Exchange fell Thursday, while those of jeera were steady. Turmeric prices fell as most markets were shut due to the Diwali holiday and due to expectations of higher production, while coriander futures prices fell due to muted export demand, according to analysts. 

At 1416 IST, the most-active December contract of TURMERIC fell 0.9% to INR 13,006 per 100 kg as most of the mandis remained closed because of the Diwali festival. Higher production prospects also weighed on prices, according to SMC Global Securities. However, shrinking supplies and anticipation of increased demand in the coming weeks, amid tighter warehouse stocks, could limit the fall in prices. In the near term, turmeric prices are likely to trade in the range of INR 12,900-13,900.

At 1418 IST, the most-active November contract of CORIANDER fell 0.2% to INR 7,234 per 100 kg due to muted export demand, according to SMC Global Securities. Improved sowing conditions in north India also weighed on market sentiments, the brokerage said. However, anticipation of tighter domestic supplies could support prices, according to SMC Global Securities. In the near term, coriander futures are expected to trade in the range of INR 7,050-7,500 per 100 kg.

At 1614 IST, the most-active November JEERA contract was steady at INR 24,180 per 100 kg. Prices could fall as stockists released stocks anticipating a further fall in prices, according to SMC Global Securities. However, prices could also rise as seasonal demand is expected to improve, the brokerage said. In the near term, jeera is likely to trade in the range of INR 24,000-25,550 per 100 kg.

End

Edited by Tanima Banerjee

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