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India jeera rises on export demand; turmeric slips
August 5, 2013 / 10:40 AM / 4 years ago

India jeera rises on export demand; turmeric slips

MUMBAI, Aug 5 (Reuters) - Indian jeera, or cumin seed, futures rose on Monday due to some improvement in overseas inquiries and on local demand, though higher-than-expected supplies and prospects of better sowing because of ample rains restricted the upside.

* At 1029 GMT, the actively traded jeera contract for August delivery was up 0.36 percent at 13,302.5 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX).

* “Export demand is supportive but any upside is going to be limited because ample rains would help sowing operations in the rabi season,” said Jay Kumar Jain, a trader from Unjha, a key market in Gujarat.

* Gujarat, the top producing state, has received above average rainfall so far in the monsoon season.

* Jeera is a winter crop sown from October, and farmers depend on rains to moisten the land for sowing.

* Spot jeera rose 21.5 rupees to 13,549.5 rupees per 100 kg in Unjha.

* India is the largest jeera producer in the world, followed by Syria and Turkey.


Indian turmeric futures slipped due to higher carry-forward stocks and sluggish spot demand, though concerns heavy rains could hurt output limited the downside.

* The most-actively traded turmeric for August delivery was 0.12 percent lower at 4,910 rupees per 100 kg on the NCDEX.

* “Sentiment is weak because of huge stocks. Demand is also not improving,” said Suresh Chowdhary, a trader from Nizamabad, a key market in Andhra Pradesh.

* Spot turmeric prices fell 10 rupees to 5,300 rupees per 100 kg in Nizamabad.

* Turmeric cultivation usually starts in June and continues until August. A lengthy harvesting process begins in January. (Reporting by Meenakshi Sharma; Editing by Subhranshu Sahu)

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