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India turmeric, jeera fall; pepper rises on winter demand
January 22, 2013 / 10:19 AM / 5 years ago

India turmeric, jeera fall; pepper rises on winter demand

MUMBAI, Jan 22 (Reuters) - Indian turmeric futures fell on Tuesday due to sluggish demand from local buyers amid mounting stocks while lacklustre exports also weighed.

* Supplies from the new crop are expected to start arriving in small quantities from February.

* As of 1006 GMT, the April turmeric contract on the National Commodity and Derivatives Exchange (NCDEX) was 1.12 percent lower at 6,180 rupees per 100 kg.

* “Stocks are very high, and with supplies from the new crop overall availability is likely to increase,” said Suresh Chowdhary, a trader from Nizamabad, a key market in Andhra Pradesh.

* Spot turmeric fell 106.5 rupees to 5,414.5 rupees per 100 kg at the Nizamabad market.

* The area under turmeric cultivation is lower this year due to scant rainfall during the planting season and a shift in acreage to other crops, but higher carry-forward stocks are expected to keep supplies firm.

PEPPER

Indian pepper futures rose due to winter demand amid limited supplies in the local market and lower stocks, though estimates of a higher output and weak exports limited the upside.

* The most-active February pepper contract on the NCDEX was 0.77 percent higher at 37,385 rupees per 100 kg.

* “Local buying is strong due to the winter season and is likely to stay firm in short term,” said Manikant Khona, a trader from Kochi, a key market in Kerala.

* Spot pepper rose 162.5 rupees to 39,125 rupees per 100 kg in Kochi.

* Pepper output is likely to be higher this season as good yields are expected in the top-producing states of Kerala and Karnataka, traders said.

* Supplies from the new season crop start in January-February.

JEERA

Indian jeera futures fell due to expectations of a greater area under cultivation and a better crop, while a weak spot market also weighed on sentiment.

* Jeera is a winter crop sown from October to December and fresh supplies start arriving from February.

* The March jeera contract on the NCDEX was down 0.26 percent at 13,655 rupees per 100 kg.

* “Higher sowing figures coupled with conducive weather in Gujarat may pressurize prices,” Angel Commodities said in a research note.

* Jeera fell 44 rupees to 14,245 rupees per 100 kg at Unjha, a key market in Gujarat.

* India is the world’s top producer of jeera, or cumin seed, followed by Syria and Turkey. (Reporting by Meenakshi Sharma; Editing by Anupama Dwivedi)

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