June 17, 2013 / 9:49 AM / 6 years ago

India jeera rises on export demand, turmeric on low supply

MUMBAI, June 17 (Reuters) - Indian jeera, or cumin seed, futures were marginally up on Monday, supported by overseas demand, though progress of rains ahead of schedule and higher supplies capped the gains.

* The actively traded jeera contract for July delivery was 0.42 percent higher at 13,220 rupees per 100 kg on the National Commodity and Derivatives Exchange at 0931 GMT.

* “Export demand is good for Indian jeera because of lack of supplies from Syria and Turkey. Jeera is expected to trade rangebound in the short-term,” said Arvind Patel, a trader from Unjha, a key market in Gujarat.

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

* Daily spot supplies at the Unjha market are around 10,000-12,000 bags of 60 kg each, still higher than expected.

* Spot jeera fell 39.5 rupees to 13,427.5 rupees per 100 kg at Unjha.

TURMERIC

Indian turmeric futures rose due to a drop in daily supplies and on export demand though mounting stocks and ample rains limited the upside.

* India’s monsoon rains have covered the entire country a month ahead of schedule, brightening the prospects for a bumper output of summer-sown crops such as rice, oilseeds and cotton in one of the world’s leading producers.

* Turmeric cultivation usually starts in June and continues until August and a lengthy harvesting process begins in January.

* The key July turmeric contract was up 1.24 percent at 5,724 rupees per 100 kg on the NCDEX.

* Fresh export inquiries at lower levels and declining arrivals are supporting buying in turmeric, Angel Commodities said in a research note.

* Spot turmeric rose 23 rupees to 5,548 rupees per 100 kg in Nizamabad, a key market in Andhra Pradesh. (Reporting by Meenakshi Sharma; Editing by Anupama Dwivedi)

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