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Informist, Tuesday, Dec. 17, 2024

By Taniva Singha Roy

MUMBAI – Futures of jeera and turmeric on the National Commodity and Derivatives Exchange rose on Tuesday, while those of coriander were steady. Turmeric rose due to increased buying in the domestic market, while an improved outlook on demand pulled up jeera prices, according to analysts at SMC Global Securities.

The most-active April contract of TURMERIC was up 2.1% at INR 14,260 per 100 kg, due to increased buying in the domestic market, according to SMVC Global Securities. Prices recovered from lows as arrivals fell at major trading centres, with stockists reluctant to release their stocks in anticipation of a further rise in prices, the brokerage said. In the near term, turmeric prices are likely to stand at INR 13,800-INR 14,500 per 100 kg.

The most-active January contract of JEERA was up 2% at INR 24,780 per 100 kg due to an improved outlook on demand, according to SMC Global Securities. Supplies at major trading centres fell and stockists are reluctant to release stocks in anticipation of higher prices, the brokerage said. Moreover, export demand increased and is likely to remain higher as prics of Indian jeera have turned competitive in the global market, it said. In the near term, jeera futures are likely to trade in the range of INR 23,300-INR 25,000.

The most-active January contract of CORIANDER was steady at INR 7,822 per 100 kg. A weaker production outlook could support coriander prices, according to SMC Global Securities. Fresh buying is likely in coriander on every drop in prices because of tighter supply ahead, the brokerage said. In the near term, coriander is likely to trade in the range of INR 7,600-INR 8,100 per 100 kg.

End

Edited by Avishek Dutta

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