Most India spices futures down on weak exports

MUMBAI, Dec 1 (Reuters) - India pepper futures were trading down on Monday afternoon on low export demand and hopes of higher output, analysts said.

Pepper exports from India during the April-October period fell 35 percent to 14,750 tonnes as the global credit crunch hit major importers, according to the Spices Board.

However, tight supplies and low warehouse stocks ahead of fresh arrivals in December may restrict losses, they said.

At 1:15 p.m., the benchmark January contract NPEF9 was at 11,085 rupees per 100 kg, down 1.12 percent.

Spot pepper fell 0.7 percent to 11,441 rupees per 100 kg in Unjha, a major trading hub in Gujarat.

TURMERIC:

Turmeric futures dropped on expectations of early arrivals of new crop, but low inventories were capping the downside, analysts said.

Turmeric carryover stocks for 2009 are seen at 500,000 bags, down 58 percent from last year's 1.2 million bags, due to lower output in 2007/08, traders said last month.

At 1:26 p.m., the benchmark December contract NTMZ8 was down 0.77 percent at 3,842 rupees per 100 kg.