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Informist, Monday, Nov. 25, 2024

By J. Navya Sruthi

MUMBAI – Futures contracts of turmeric fell on the National Commodity and Derivatives Exchange Monday as investors took out their profits, analysts said. Futures contracts of coriander and jeera rose on export demand, they said.

The most active December contract of TURMERIC fell 4.4% to INR 13,732 per 100 kg as investors sold for profit at higher levels, analysts said. However, the downside was restricted by robust export demand and fear of a fall in production, according to SMC Global Securities. Turmeric exports in September rose 69% on year to 15,330 tonnes, according to analysts.

Last week, prices closed higher for the third consecutive week, rising more than 6.1% because of improving physical demand, Kotak Securities said in a report. "Arrivals of turmeric in the physical market were lower at 991 tonnes last week compared to 1,370 tonnes in the previous week," the report said. In the near term, turmeric prices are seen in the range of INR 13,440-14,400 per 100 kg.

The most active December contract of CORIANDER rose nearly 1% to INR 7,988 per 100 kg on higher domestic demand, according to SMC Global Securities. Growing concerns over global supplies also supported prices, the brokerage said. 

The major focus is on the progress of sowing of coriander and expectations of a fall in the area under cultivation of the crop, prompting buyers to build up "long positions on every dip in prices", the brokerage said. According to Gujarat's acreage report, coriander acreage fell to 15,955 hectares from 56,737 hectares a year ago. Gujarat is one of the top coriander-producing states of the country.

In the near term, coriander futures are seen in the range of INR 7,750-8,200 per 100 kg.

The most active December contract of JEERA rose 0.5% to INR 25,155 per 100 kg on a rise in export demand from China and Bangladesh, according to SMC Global Securities. Falling acreage in key producing state Gujarat also supported prices of the spice.

The area sown with cumin in Gujarat fell sharply to 57,915 hectares from 244,639 hectares in the corresponding period last year, according to the state's acreage report. In the near term, jeera prices are seen in the range of INR 24,770-26,000 per 100 kg.

End

Edited by Rajeev Pai

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