India spices futures edge up in opening trade
MUMBAI, April 21 (Reuters) - Indian spices futures edged up in opening trade on Monday on short-covering driven by lower arrivals and good demand, analysts said.
However, market talk the government may ban futures trade in essential commodities was weighing on prices.
JEERA:
Jeera futures opened up on good export demand due to lower prices in India compared to competing Syria, analysts said.
At 10:53 a.m., the benchmark July jeera NJEN8 on NCDEX was up 1.52 percent at 9,410 rupees per 100 kg.
Analysts said arrival pressure in the physical market in peak harvesting period will cap gains.
TURMERIC:
Turmeric futures rose in early trade due to short-covering driven by an expected fall in output, analysts said.
At 10:53 a.m., the benchmark June contract NTMM8 was up 0.95 percent at 3,305 rupees per 100 kg. Continued...
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