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Indian jeera, turmeric fall; pepper marginally up
September 17, 2012 / 11:28 AM / 5 years ago

Indian jeera, turmeric fall; pepper marginally up

MUMBAI, Sept 17 (Reuters) - Indian jeera futures fell on Monday as recent rains in Gujarat, the top producer of the commodity, boosted prospects of higher sowing though expectations of a rise in export demand following the unrest in Syria and Turkey limited the downtrend.

*“Jeera planting begins in October and rains in September mean farmers can plant more of the crop and this is weighing on sentiment,” said Bhaveshbhai Patel, a trader based in Ahmedabad, Gujarat.

* At 1110 GMT, the September jeera contract on the National Commodity and Derivatives Exchange (NCDEX) was down 0.19 percent at 14,285 rupees per 100 kg.

* In the Unjha spot market in Gujarat, jeera rose 51 rupees to 14,797 rupees per 100 kg.

PEPPER

Indian pepper futures were marginally up in a choppy session in low volume trade on a tight supply situation in spot markets, which outweighed weak demand.

* “Local prices are higher than overseas prices, so there’s no export demand, and local traders are also not buying as they know production next year will be more,” said Faiyaz Hudani, analyst with Kotak Commodity Services.

* Farmers are reluctant to sell at this level and are holding back supplies, which is preventing a sharp fall in prices despite weak demand, Hudani said.

* The key October pepper contract was trading up 0.06 percent at 43,060 rupees per 100 kg.

* In the Kochi spot market, pepper prices fell by 45 rupees to 41,542 rupees per 100 kg.

TURMERIC

Indian turmeric futures fell nearly 2 percent as traders shifted their positions ahead of the expiry of the near-month contract amid tepid demand in local markets

* The October turmeric contract on the NCDEX was down 1.76 percent at 5,808 rupees per 100 kg.

* “Overall sentiments are down, and prices could fall further in the next few sessions,” said Hudani from Kotak Commodity Services.

* At Nizamabad, spot turmeric rose 95 rupees to 5,756 rupees per 100 kg on a lower seeded area.

* Turmeric is planted between June and August and is harvested after nine months.

* Heavy rain in September boosted prospects of higher production and is weighing on sentiment, traders said.

Reporting by Deepak Sharma; Editing by Anupama Dwivedi

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