March 20, 2012 / 1:42 PM / 5 years ago

AGRI WRAP-India rapeseed hits record high; spices drop

MUMBAI, March 20 (Reuters) - Indian rapeseed futures hit a record high on Tuesday on an estimated fall in production and good demand from oil millers in the physical market, while soybean eased tracking weak overseas markets, analysts said.

* Rapeseed for April delivery on India's National Commodity and Derivatives Exchange closed up 1.7 percent at 3,872 rupees per 100 kg. Earlier in the day, it hit a record high of 3,888 rupees.

* The country's rapeseed output is estimated to drop 12.6 percent to 6.03 million tonnes in the year to June 2012, said the Central Organisation for Oil Industry and Trade (COOIT) on Sunday.

* Soybean for April delivery finished down 0.55 percent at 2,891 rupees per 100 kg, while April soyoil eased 0.11 percent to 735.15 rupees per 10 kg.

* In the Indore spot market in Madhya Pradesh, soyoil fell 4.7 rupees to 730.3 rupees per 10 kg, while soybean edged down a rupee to 2,835 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed climbed 29 rupees to 3,704 per 100 kg.

JEERA

Jeera, or cumin seed, futures in India fell to a new contract low for the second straight session on Tuesday, hurt by large arrivals of the new season crop in the spot market amid expectations of higher output this year, analysts said.

* The most-traded jeera for April delivery fell 2.90 percent to end at 12,315 rupees per 100 kg, after hitting a contract low of 12,252.5 rupees.

* In Unjha, a key trading market in Gujarat, jeera dropped 240 rupees to 12,857 rupees per 100 kg.

TURMERIC

Turmeric futures erased early gains to end lower, as higher domestic supplies and expectations of a bumper crop outweighed short-covering.

* Turmeric auctions have been cancelled at the Nizamabad market in Andhra Pradesh for the week to March 24 due to excess supply of fresh crop.

* Daily arrivals have reached about 15,000 bags of 70 kg each at the Nizamabad market in Andhra Pradesh, and are expected to rise further, traders said.

* Turmeric for April contract fell 1.69 percent to close at 4,176 rupees per 100 kg. The contract has fallen more than 13 percent this month.

PEPPER

Pepper futures fell as continued profit-booking after prices rose more than 7 percent this month outweighed lower supplies and weak stocks.

* Overall supplies have been low in the domestic market since the start of the season because of reduced arrivals from farmers expecting further price increases due to lower estimated output.

* The most-active pepper for April delivery dropped 3.30 percent lower at 42,685 rupees per 100 kg. It has risen more than 7 percent this month.

* In the Kochi spot market in Kerala, pepper dropped 600 rupees to 40,747 rupees per 100 kg.

CHANA

Chana futures reversed early losses to close marginally up as short-covering following the sharp fall in its prices negated the arrival pressure.

* The Chana April contract closed up 0.11 percent at 3,799 rupees per 100 kg. The contract has fallen nearly 100 rupees in last three trading sessions.

* In the Delhi spot market, chana prices were unchanged at 3,600 rupees per 100 kg.

GUAR SEED

Guar seed futures rose 4 percent, the maximum permitted daily limit, to hit a record high, unfazed by fears of a decline in demand and regulatory actions.

* The April guar seed contract closed up 3.32 percent at 28,560 rupees per 100 kg, after hitting a record high at 28,750 rupees per 100 kg.

* The export of guar gum, a byproduct of guar seed, used as sealant in oil and natural gas drilling, nearly tripled to 670,949 tonnes in April-November from 228,113 tonnes a year earlier, the government data showed. (Reporting by Mumbai Commodity Team; Editing by Rajesh Pandathil)

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