India jeera futures fall on profit-taking

MUMBAI, June 30 (Reuters) - Indian jeera futures fell on Monday on profit-taking after rising in the last few sessions, but falls were capped by firm export demand, analysts said.

"It was just a profit-booking. Fundamentals are still strong due to strong export demand," said Faiyaz Hudani, an analyst with Kotak Commodity Services Ltd.

Indian exports of cumin seed, or jeera, rose 8 percent to 28,000 tonnes in 2007/08, according to the Spices Board. The country is the world's largest producer and exporter.

The expectation of lower output in Syria and Turkey also restricted the losses, said an analyst with Motilal Oswal Commodities Broker Pvt Ltd.

Syria and Turkey, where arrivals start in July, are the two biggest competitors and lower output in these countries would benefit Indian exporters.

Open interest for September contract rose to 12,708 tonnes from 12,105 tonnes the previous session.

Spot jeera fell 1.04 percent to 11,598 rupees per 100 kg in Unjha, a major trading hub in Gujarat.

Following are the closing prices of jeera futures in rupees per 100 kg on the National Commodity and Derivatives Exchange Ltd. <0#NJE:>:

Contract Reuters code Closing price Change in %