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Indian jeera, turmeric rise on export demand
August 27, 2013 / 11:09 AM / 4 years ago

Indian jeera, turmeric rise on export demand

MUMBAI, Aug 27 (Reuters) - Indian jeera, or cumin seed, futures rose on Tuesday due to some improvement in overseas enquiries and demand from spot buyers.

* The actively traded jeera contract for September delivery was up 0.68 percent at 13,670 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 1031 GMT.

* “Prices are expected to stay firm in the short term because exporters are quite active. Buyers have turned to India in the absence of supplies from other producing countries,” said Samir Mahendra Shah, a trader from Unjha, a key market in Gujarat.

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

* At Unjha, spot jeera rose 12.5 rupees to 13,675 rupees per 100 kg.

* However, expectations of higher sowing in the leading cultivating state restricted the upside.

* Gujarat, the top jeera producer in India, has received above average rainfall so far in this monsoon season.

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

TURMERIC

Indian turmeric futures edged up due to fresh demand from exporters though higher carryforward stocks weighed on sentiment.

* The most-actively traded turmeric contract for September delivery was 0.12 percent higher at 5,142 rupees per 100 kg on the NCDEX.

* ”Overseas demand is regular in turmeric and is expected to support prices in the short term. Local buying is also likely to improve in the festive season, said a trader from Nizamabad, a key market in Andhra Pradesh.

* Indians will celebrate Ganesh Chaturthi, a local festival, in September.

* Turmeric sowing is almost complete in the leading cultivating areas and the crop is in good condition, traders said.

* At Nizamabad spot market, turmeric fell 23 rupees to 5,136 rupees per 100 kg. (Reporting by Meenakshi Sharma; Editing by Jijo Jacob)

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