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Informist, Wednesday, Nov. 27, 2024

By Pallavi Singhal

NEW DELHI – Futures contracts of turmeric and jeera were down Wednesday on the National Commodity and Derivatives Exchange. While turmeric fell on selling for profit, jeera was down on the absence of market cues amid high supply and probable selling for profit after recent gains, analysts said. Coriander prices remained steady.

The most active December contract of TURMERIC ended 0.8% lower at INR 13,506 per 100 kg on panic selling as expectations of a bumper crop weighed on market sentiment, SMC Global Securities said in a note. "Supplies increased on higher levels as a large group of market participants trimmed their buying positions in the form of profit booking," the broking firm said. Selling for profit is likely to continue in turmeric and prices are expected to find support near the INR 13300 level, the report said. Resistance is seen at INR 14200.

However, the downside may be restricted by seasonal demand and crop concerns in parts of Maharashtra as well as robust export enquiries.

The most active December contract of CORIANDER was down 1.6% at INR 7,726 per 100 kg as investors booked profits from recent gains, SMC Global's Ravi Shankar Pandey said. However, the downside is seen limited by shrinking supplies and rising wedding season demand, which will support dhaniya prices, he said. Fresh buying will be witnessed on every dip in prices, mainly due to weaker production prospects, he added.

According to the sowing report released by Gujarat's agriculture department Monday, coriander acreage fell to 15,955 hectares from 56,737 hectares a year ago. Gujarat is one of India's top coriander-producing states. In the near term, coriander futures are seen in the range of INR 7,750-8,400 per 100 kg.

The most active December contract of JEERA was down 0.1% at INR 25,030 per 100 kg on the absence of market cues and because of the large stocks with farmers and millers, which capped the earlier uptrend in prices, according to the SMC Global report. However, the fall in jeera prices is likely to be limited by rising wedding season demand amid delayed sowing in Gujarat because of adverse weather conditions, it said. Jeera prices are likely to trade between INR 24,300 and INR 26,000 per 100 kg in the near term, the brokerage said. 

End

Edited by Rajeev Pai

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