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Informist, Friday, Jan. 17, 2025

By Taniva Singha Roy

MUMBAI – Futures contracts of jeera and turmeric fell on the National Commodity and Derivatives Exchange Friday, while those of coriander rose. Turmeric futures fell due to the onset of harvesting in Telengana and increased supply outlook, while jeera fell due to subdued demand in the domestic market, according to analysts at SMC Global Securities. 

The most active April contract of TURMERIC was down 1.5% at INR 14,002 per 100 kg, amid onset of harvesting in Telangana and higher production estimates, according to SMC Global Securities. Fresh selling pressure was triggered in the market during the recent downfall in prices that will lead to a further fall in rates. Stockists started offloading their stocks in fear of a further fall in prices while buying slowed down due to easy availability of stocks, the brokerage said. However, downfall will be limited due to lingering concerns over crop damage in Maharashtra, it said. In the near term, turmeric futures are likely to trade in the range of INR 14,000-14,800 per 100 kg.

The most active January contract of JEERA was down 0.7% at INR 22,200 per 100 kg due to subdued domestic demand, according to SMC Global Securities. Heavy carry-over stocks and limited demand also weighed on prices, the brokerage said. However, concerns about lower output and firm export demand could support prices, it said.  In the near term, jeera futures are likely to trade in the range of INR 22,100-INR 23,000 per 100 kg.

The most active April contract of CORIANDER was up 0.4% at INR 8,388 per 100 kg due to shrinking arrivals and lower production estimates, SMC Global Securities said. However, subdued export and domestic demand are likely to support prices in the long term, it said. In the near term, coriander futures are likely to trade in the range of INR 8,300-INR 8,650 per 100 kg.

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Edited by Deepshikha Bhardwaj

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