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Informist, Monday, Nov. 4, 2024

By Pallavi Singhal

NEW DELHI – Futures contracts of coriander, jeera and turmeric fell on the National Commodity and Derivatives Exchange Monday. While turmeric prices and jeera fell on the back of increased arrivals, coriander futures were down due to muted export demand.

The most-active December contract of TURMERIC closed 0.6% lower at INR 12,724 per 100 kilograms, driven by subdued demand amid increased arrivals in the market. Pressure on prices also came from expectations of higher acreage for the upcoming season, estimated to be 30-35% more than last year, Kedia Advisory said in a note today. 

However, the downside is limited due to reports of significant crop damage due to heavy rains. Reports suggested that the potential losses might be greater than initially anticipated, Kedia Advisory added. In the near term, turmeric prices are likely to trade in the range of INR 12,500-13,500.

The most-active November contract of CORIANDER closed 0.4% lower at INR 7,206 per 100 kg due to muted export demand, according to SMC Global Securities. Exports are low due to reduced buying from China and Bangladesh, SMC Global Securities said. However, anticipation of tighter domestic supplies could support prices, 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 contract ended 1% lower at INR 23,800 per 100 kg. Prices have fallen further as stockists released stocks anticipating a further decline in prices, according to SMC Global Securities. Farmers are estimated to hold about 35% of the current season's stock, and the carryover stock at the start of the new season is projected to be around 2.0 million bags, which is further pushing down prices, Kedia said. 

However, prices could rise on seasonal demand as well as rising export demand, the brokerage said. In the near term, jeera is likely to trade in the range of INR 23,500-25,000 per 100 kg.

End

Edited by Saji George Titus

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