June 20, 2013 / 10:34 AM / 4 years ago

India turmeric rises on low supply, jeera on exports

MUMBAI, June 20 (Reuters) - Indian turmeric futures rose on Thursday as a decline in spot supplies along with fresh overseas demand supported the upside in prices though good progress of rains capped the gains.

* Monsoon rains have covered the entire country a month ahead of schedule.

* Turmeric cultivation usually starts in June and continues until August. A lengthy harvesting process then begins in January.

* The key July turmeric contract was up 1.31 percent at 5,714 rupees per 100 kg on the National Commodity and Derivatives Exchange at 1021 GMT.

* “Lower arrivals and export enquiries are supporting buying in turmeric futures. It is seen trading firm,” said an analyst from Angel Commodities.

* Spot turmeric edged up 6 rupees to 5,560 rupees per 100 kg in Nizamabad, a key market in Andhra Pradesh.

JEERA

Indian jeera, or cumin seed, futures rose on a pick-up in the overseas demand while an increase in local buying also aided the upside.

* The actively traded jeera contract for July delivery was 0.45 percent higher at 13,425 rupees per 100 kg on the NCDEX.

* “Prices are attractive for exporters. Also, in the absence of supplies from Syria and Turkey, they are not left with much option,” said Jay Kumar Patel, a trader from Unjha, a key market in Gujarat.

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

* Daily spot supplies are around 8,000-10,000 bags of 60 kg each at the Unjha market, still higher than expected.

* Spot jeera rose 12.5 rupees to 13,462.5 rupees per 100 kg in Unjha, a key market in Gujarat. (Reporting by Meenakshi Sharma; Editing by Anupama Dwivedi)

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