MUMBAI, July 29 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
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