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India spices steady on firm domestic demand, weak exports
MUMBAI, July 29 |
MUMBAI, July 29 (Reuters) - Indian jeera futures opened steady on Wednesday on support from a firm spot but weak exports kept a lid on gains, analysts said.
At 10.22 a.m., benchmark August jeera NJEQ9 was down 0.23 percent at 11,655 rupees per 100 kg.
Demand in the spot market is firm due to the upcoming festival season, analysts said.
However, a good overseas crop, which continue to hurt Indian exports, trimmed gains, they added.
India pepper futures opened steady as support from hopes of easing in selling pressure from Vietnam and strong domestic demand was offset by little revival in exports, analysts said.
At 10.25 a.m., benchmark August pepper NPEQ9 was up 0.07 percent at 12,740 rupees per 100 kg.
Sentiment is firm as Vietnamese stocks are depleting, which would ease selling pressure from the country in the coming weeks, benefitting Indian exports, analysts said.
The upcoming festival demand will keep demand in the spot market firm, they added.
However, Indian export rates are still at a premium to competing global countries and that weighed on prices, analysts said.
India turmeric futures were steady as profit-taking was offsetting lower supplies in the second half of 2009 amid robust domestic and export demand, analysts said.
At the end of June, trade estimates put stocks in the country at 1.35 million bags, while demand for June to February period is pegged at 2.2 million bags.
Turmeric prices are likely to jump by a quarter in second half of 2009 on thin stocks, festive demand, booming exports and poor rains washing out chances of a rich harvest, traders said. See [ID:nBOM474886]
At 10:26 a.m., the most traded August contract NTMQ9 was down 0.32 percent at 5,910 rupees per 100 kg, after rising over 14 percent in July.
(Reporting by Nandita Bose and Rajendra Jadhav; Editing by Sunil Nair)
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