April 9, 2013 / 9:43 AM / 5 years ago

Indian jeera hits over 2-month high; turmeric at 3-wk crest

MUMBAI, April 9 (Reuters) - Indian cumin seeds, or jeera,
futures extended gains on Tuesday to their highest level in more
than two months, helped by lower arrivals amid surging demand.
    * The actively traded jeera for May delivery was
1.12 percent higher at 14,067.5 rupees per 100 kg on the
National Commodity and Derivatives Exchange (NCDEX) at 0936 GMT,
after hitting a high of 14,090 rupees, a level last seen on Feb.
    * Spot jeera rose 28.6 rupees to 13,689.3 rupees per 100 kg
at Unjha, a key market in Gujarat.
    * "Arrivals in Unjha are lower at 45,000 bags of 100
kilograms from 60,000 bags yesterday and even demand is there
from stockists," said Chowda Reddy, a senior analyst with JRG
Wealth Management.
    * Buying is advised in jeera at 13,950 rupees, targeting
14,200 rupees, with a stop loss at 13,850 rupees, said Reddy.
    * India exported about 524,690 tonnes of spices during
April-December, estimates by the ministry of commerce showed,
indicating exports in the financial year ended March 31 were
likely much higher than the previous year. 
    Indian pepper futures rose due to bargain buying after three
straight sessions of losses amid lower participation.
    * The most-active pepper contract for May delivery 
was 0.48 percent higher at 35,780 rupees per 100 kg on the
NCDEX, after losing 0.80 percent in the previous three sessions.
    * Spot pepper rose 35.4 rupees to 36,266.6 rupees at Kochi,
a key market in the southern state of Kerala.
    * Pepper would continue to trade sideways, said Reddy.
    Indian turmeric futures rose 2 percent to their highest
level in more than three weeks on thin supplies as farmers were
holding supplies on expectations of price rise in the coming
    * The most-active turmeric contract for May delivery 
was 1.74 percent higher at 7,006 rupees per 100 kg on the NCDEX,
after rising to 7,080 rupees earlier, the highest level since
March 15.
    * "Supplies in spot markets are falling, but demand is good.
Many farmers are holding stocks. They are anticipating price
rise in coming months," said Sudha Acharya, an analyst at Kotak
Commodity Services Ltd.
    * Turmeric output is estimated to be lower this year because
of reduced plantation area in leading cultivating states.

 (Reporting by Siddesh Mayenkar & Rajendra Jadhav; Editing by
Subhranshu Sahu)

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