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Informist, Monday, Dec. 2, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts were mixed on the National Commodity and Derivatives Exchange Monday. The most-active coriander contract rose, while that of turmeric fell. The most-active jeera contract was steady on the exchange. Coriander prices rose due to wedding season demand, according to analysts at SMC Global Securities.

At 1521 IST, the most active December contract of JEERA was steady at INR 25,260 per 100 kg. Emerging possibilities of a fall in production and rising wedding season demand amid delayed sowing in Gujarat in the wake of adverse weather conditions could support prices, analysts said. Jeera prices are expected to trade in the range of INR 24,770-26,000 in the near term.

At 1532 IST, the most active December contract of CORIANDER was up 1.4% to INR 7,924 per 100 kg on rising wedding season demand and improved export prospects. The ongoing geopolitical conflict in the Black Sea region will boost the export prospects for Indian coriander, according to SMC Global. Russia and Ukraine together contribute about 18% of global coriander exports. Fresh buying is likely on every dip in prices, mainly due to weaker production prospects, the brokerage said. Coriander prices are expected to be in the range of INR 7,600-8,400 per 100 kg in the near term. 

At 1534 IST, the most active December contract of TURMERIC fell 2% to INR 13,300 per 100 kg due to panic selling, according to SMC Global. The panic selling was largely on account of fears of an influx of the crop by January. "Muted buying in the local market and weakness in spot prices at major trading centres weighed on market sentiments. Heavy crop expectations kept prices under pressure," the brokerage said. Turmeric futures is likely to trade in the range of INR 13,200-14,500 in the near term. 

End

Edited by Saji George Titus

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