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Indian turmeric hits 7-week low, jeera flat after contract low
January 29, 2013 / 9:58 AM / 5 years ago

Indian turmeric hits 7-week low, jeera flat after contract low

MUMBAI, Jan 29 (Reuters) - Indian pepper dropped to its
lowest in a week, pressured by expectations of rising supplies
from the new crop.
    * The most-active pepper contract for February delivery
 on the National Commodity and Derivatives Exchange
(NCDEX) was down 0.27 percent at 37,215 rupees per 100 kg. It
earlier hit a low of 36,910 rupees, a level last seen on Jan.
    * Spot pepper fell 196.6 rupees to 39,597.2 rupees per 100
kg in Kochi in Kerala state.
    * "Long-term fundamentals are still bearish, we could see
some fresh selling due to more arrivals next month," said Chowda
Reddy, a senior analyst with JRG Wealth Management.
    * Pepper output is likely to be higher this season as good
yield is expected from the top-producing states of Kerala and
Karnataka, traders said. Supplies from the new season crop start
arriving in January-February.
    Turmeric futures edged down, extending losses for another
session to hit their lowest in seven weeks, weighed by higher
carry-forward stocks and expected supplies from the new season
crop from February.
    * The most-active turmeric contract for April delivery
 was 0.26 percent lower at 6,034 rupees per 100 kg. It
earlier dropped to 5,980 rupees, a level last seen on Dec. 10.
    * Spot turmeric fell 23.25 rupees to 5,404.00 rupees per 100
kg at Nizamabad, a key market in Andhra Pradesh.
    * "Turmeric has corrected a lot, but there could be a
technical pullback," said Reddy.
    * 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. 
    Indian cumin seeds or jeera traded flat after hitting a
contract low, weighed by expectations of greater area under
cultivation and higher output.
    * The March jeera contract on the NCDEX was 0.02
percent down at 13,375 rupees per 100 kg. It earlier fell to a
contract low of 13,285 rupees. Jeera fell 121 rupees to 13,898.5
rupees per 100 kg at Unjha, a key market in Gujarat.
    * Jeera may trade in the range of 13,280-13,500 rupees for
the rest of the week, said Reddy.
    * Jeera, or cumin seed, is a winter crop sown from October
to December and fresh supplies start arriving from February.

 (Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)

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