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India spices up; turmeric, jeera on export demand
March 7, 2013 / 6:27 AM / 5 years ago

India spices up; turmeric, jeera on export demand

MUMBAI, March 7 (Reuters) - Indian turmeric futures rose on Thursday due to overseas inquiries and concerns over lower output but a pick-up in domestic supplies from the new crop and higher carry-forward stocks limited the upside.

* At 0604 GMT, the most-active turmeric contract for April delivery on the National Commodity and Derivatives Exchange (NCDEX) was 0.28 percent higher at 6,396 rupees per 100 kg.

* “There are some good inquiries coming in from local buyers and exporters. Demand has picked up for the new crop,” said Punamchand Gupta, a trader from Nizamabad, a key market in Andhra Pradesh.

* Around 8,000-10,000 bags of 70 kg each are reaching the Nizamabad market daily.

PEPPER

Indian pepper futures edged up as labour shortage in key cultivating states slowed down supplies and due to depleting stocks though estimates of a higher output and sluggish exports weighed on sentiment.

* The most-active pepper contract for April delivery on the NCDEX was 0.41 percent up at 34,650 rupees per 100 kg.

* “Planters are not getting labour to work on their fields and this is delaying supplies in the spot market,” said Manikant Khona, a trader in Kochi, a key market in Kerala.

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

* Domestic supplies have picked up from Karnataka but are still below expectations because of labour shortage and as farmers are holding back stocks.

JEERA

Indian jeera futures were slightly up on export demand though rising domestic supplies from the new season crop and expectations of a higher output limited the upside.

* The actively traded jeera contract for April delivery on the NCDEX was 0.08 percent higher at 12,955 rupees per 100 kg.

* Daily supplies from the new season crop rose to 22,000-25,000 bags of 60 kg each from 10,000-14,000 bags last week at the Unjha market in Gujarat.

* “Export demand has improved. Buyers were waiting for the new season crop to come into the market. Whatever produce is coming into the market is getting sold,” said Arvind Patel, a trader in Unjha.

* Jeera is a winter crop, sown from October to December, and fresh supplies start arriving in February. (Reporting by Meenakshi Sharma; Editing by Anupama Dwivedi)

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