India spices mixed, turmeric hits upper limit
MUMBAI, Nov 26 (Reuters) - India jeera futures traded up on Thursday afternoon as robust export demand and a fall in acreage supported sentiment, analysts said.
"Jeera futures are expected to move up further due to lower crop estimates," said Chowda Reddy, an analyst with JRG Wealth Management.
A prolonged hot and dry spell has delayed the sowing of cumin, or jeera, slashing acreage 25-30 percent from last year, but traders and analysts said the deficit could narrow if conditions improve. [nBOM487298]
Export demand is firm as Syria and Turkey continue to quote at a premium to Indian prices.
At 2.04 p.m., benchmark December jeera NJEZ9 was up 0.78 percent at 15,680 rupees per 100 kg.
PEPPER
Indian pepper futures treaded water in the afternoon session as support from thin stocks and domestic demand was capped by profit-taking, analysts said.
Profit-taking was triggered after prices rose over 5 percent in the past two sessions.
Brazilian pepper, which continued to quote at a discount to Indian rates, also hurt prices, they said. Continued...
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