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Indian jeera, turmeric rise; jeera up on export demand
December 31, 2013 / 9:45 AM / 4 years ago

Indian jeera, turmeric rise; jeera up on export demand

MUMBAI, Dec 31 (Reuters) - Indian jeera futures rose on Tuesday on fresh export demand, though expectations of higher production and large stocks limited the upside.

* Jeera sowing has come to an end in the key cultivating areas. Jeera, or cumin seed, is a winter crop sown from October and farmers mainly depend on rains to moisten the land for sowing.

* The actively traded jeera contract for March delivery was up 0.52 percent at 12,607.5 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 0938 GMT.

* “Export demand is good and could improve further in coming days, but upside will be limited. Area under jeera cultivation has expanded this season and we expect a good crop,” said Samir Mahendra Shah, a trader from Unjha, a key market in Gujarat.

* Spot jeera fell 56 rupees to 12,675 rupees per 100 kg in Unjha, a key market in Gujarat state.

TURMERIC

Indian turmeric futures rose to their intra-day maximum limit, supported by concerns about the quality of crop in top producer Andhra Pradesh on excessive rains and on local demand.

* However, large stocks and the approaching new supply season could weigh on prices at higher levels, spot traders said.

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

* The most-actively traded turmeric contract for April delivery rose 3.99 percent to 6,616 rupees per 100 kg on the NCDEX.

* “Export demand and crop concern in Andhra Pradesh is supporting the upside in prices,” said an analyst from Angel Commodities.

* Spot turmeric rose 59 rupees to 5,600 rupees per 100 kg at Nizamabad, a key market in Andhra Pradesh. (Reporting by Meenakshi Sharma; Editing by Anand Basu)

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