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Indian turmeric falls on weak exports
May 30, 2013 / 10:13 AM / 4 years ago

Indian turmeric falls on weak exports

MUMBAI, May 30 (Reuters) - Indian turmeric futures fell on Thursday due to mounting stocks and sluggish overseas demand.

* The key June turmeric contract was lower 0.84 percent at 5,918 rupees per 100 kg on the National Commodity and Derivatives Exchange at 1006 GMT.

* “Demand is weak as buyers are expecting further drop in the prices due to higher stocks,” said Vedika Narvekar, a senior analyst at Angel Commodities.

* Spot turmeric fell 49 rupees to 5,985 rupees per 100 kg in Nizamabad, a key market in Andhra Pradesh.

* Narvekar expects the June contract to extend fall to 5,800 rupees.

JEERA

Indian jeera, or cumin seed, futures fell, tracking weak spot demand and higher production, though hopes of a pick-up in export demand limited the downside.

* The actively traded jeera contract for June delivery was 0.46 percent lower at 12,990 rupees per 100 kg.

* “Export demand for Indian origin jeera may pick-up as shipments have sharply fallen from Syria and Turkey,” said Narvekar.

* India is the largest jeera producer in the world, followed by Syria and Turkey.

* Spot jeera fell 59 rupees to 13,421 rupees per 100 kg in the Unjha, a key market in Gujarat. (Reporting by Meenakshi Sharma; Editing by Anand Basu)

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