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Informist, Monday, Dec. 23, 2024

By Taniva Singha Roy

MUMBAI – Futures contracts of coriander and turmeric rose on the National Commodity and Derivatives Exchange Monday, while those of jeera fell. Turmeric prices rose due to a rise in export demand. Coriander prices rose on concerns of lower output, according to analysts at SMC Global Securities.

The most-active April contract of TURMERIC rose 0.2% to INR 14,020 per 100 kg owing to higher export demand, according to SMC Global Securities. Prevailing crop concerns and increased wedding season demand also helped turmeric prices to stay firm, the brokerage said. In the near term, turmeric prices are likely to move in the range of INR 13,600-INR 14,300 per 100 kg.

The most-active January contract of JEERA was down 0.5% at INR 23,860 per 100 kg on profit sales after the recent rise in prices, according to SMC Global Securities. However, the losses are unlikely to be sustained owing to high export demand, the brokerage said. Supplies at major trading centres fell and stockists were reluctant to release their stocks in anticipation of a rise in prices. This could limit the losses, the brokerage said. Unfavourable temperatures for sowing and a delayed harvest in Gujarat have also affected sowing of jeera in the top producing state, which could also support prices, it said. In the near term, jeera futures are likely to trade in the range of INR 23,500-INR 25,000.

The most-active January contract of CORIANDER was up 1.4% at INR 7,968 per 100 kg due to concerns of a fall in output, according to SMC Global Securities. However, sluggish export demand could weigh on prices, the brokerage said. In the near term, prices are likely to move in the range of INR 7,600-INR 8,100 per 100 kg, it said.

End

Edited by Rajeev Pai

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