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India spices rise on spot demand
October 7, 2013 / 10:29 AM / 4 years ago

India spices rise on spot demand

MUMBAI, Oct 7 (Reuters) - Indian jeera futures rose on Monday due to some buying at lower prices on expectations of a pick-up in local demand ahead of festivals, though large spot supplies and prospects of better sowing due to ample rains restricted the upside.

* Jeera, or cumin seed, is a winter crop sown from October. Farmers mainly depend on rains to moisten the land for sowing.

* At 1019 GMT, the actively traded jeera contract for November delivery was up 0.58 percent at 12,960 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX). It hit a contract low of 12,800 rupees on Oct. 4.

* “Slight demand is seen in the local market at lower prices but the overall trend is weak because supplies are still higher and sowing is expected to be better,” said Arvind Patel, a trader from Unjha, a key market in Gujarat.

* At Unjha, supplies were 6,000-7,000 bags of 60 kg each against expected 3,000-4,000 bags.

* Traders expect jeera sowing to be better this season because of ample rains in the top producer Gujarat.

* Spot jeera rose 23 rupees to 13,293 rupees per 100 kg in Unjha.

TURMERIC

Indian turmeric futures rose on some demand from local buyers and exporters, though higher carry-forward stocks limited the upside.

* Traders expect local demand to rise in the festive season.

* 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 November delivery was 2.05 percent higher at 4,986 rupees per 100 kg on the NCDEX.

* “Festive demand could support turmeric prices in the near term but exports are not good as expected,” said Punamchand Gupta, a trader from Nizamabad, a key market in Andhra Pradesh.

* India will celebrate festivals such as Dussehra in October and Diwali in the first week of November.

* Spot turmeric prices rose 11 rupees to 4,908 rupees per 100 kg in Nizamabad. (Reporting by Meenakshi Sharma; Editing by Subhranshu Sahu)

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