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Indian turmeric falls, jeera down on weak spot
September 11, 2013 / 10:19 AM / 4 years ago

Indian turmeric falls, jeera down on weak spot

MUMBAI, Sept 11 (Reuters) - Indian turmeric futures fell on Wednesday due to conducive weather for the sown crop, while higher carryforward stocks weighed on sentiment.

* Turmeric cultivation usually starts in the last week of May and continues until August. A lengthy harvesting process starts from January.

* The most-actively traded turmeric contract for October delivery was down 2.65 percent at 4,920 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 1009 GMT.

* “Turmeric futures are expected to trade on a negative note today as huge carryover stocks coupled with favourable climate may pressurise prices further,” Angel Commodities said in a research note.

* At Nizamabad, spot turmeric fell 10 rupees to 5,063 rupees per 100 kg.

* Turmeric sowing is complete in the major growing regions and the weather is favourable for its growth, traders said.

JEERA

Indian jeera, or cumin seed, futures were lower on sluggish demand from local buyers, expectations of better sowing and on higher-than-expected supplies in the domestic markets.

* The actively traded jeera contract for October delivery was down 0.37 percent at 13,472.5 rupees per 100 kg on the NCDEX.

* “Sentiment looks weak because stocks are good and supplies are above expectations in the lean season,” said Jyesh Patel, a trader from Unjha, a key market in Gujarat.

* India is the world’s biggest producer, exporter and consumer of the spice.

* At Unjha, a key market in Gujarat, spot jeera edged down 25 rupees to 13,664 rupees per 100 kg.

* Gujarat, the top jeera producer in India, has received above average rainfall so far this monsoon. Jeera is a winter crop sown from October. Farmers mainly depend on the rains to moisten the land for sowing. (Reporting by Meenakshi Sharma; Editing by Prateek Chatterjee)

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