September 28, 2012 / 9:33 AM / 5 years ago

Indian spices fall; jeera on weak demand

MUMBAI, Sept 28 (Reuters) - Indian jeera, or cumin seed, futures fell on Friday, due to weak demand in the spot markets from local and overseas buyers and prospects of better sowing after the monsoon revived late in the season.

* At 0914 GMT, the October jeera contract on the National Commodity and Derivatives Exchange (NCDEX) was down 1.13 percent at 13,750 rupees per 100 kg.

* “Demand for exports is very poor at these levels. Trading activities have become sluggish and prices may fall further,” said Samir Mahendra Shah, a trader from Unjha, a key market in Gujarat.

* At Unjha, a key market in Gujarat, spot jeera fell 46.5 rupees to 14,491 rupees per 100 kg.

* Delayed rains in parts of Gujarat, the top producing state, have raised hopes of better sowing.

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


Turmeric futures fell due to mounting stocks and sluggish exports.

* The October turmeric contract on the NCDEX fell 0.95 percent to 5,658 rupees per 100 kg.

* Acreage under turmeric cultivation is lower as compared with last year, but delayed rains benefited the growth of the crop.

* Turmeric is planted between June and August and is harvested after nine months.

* “Crop condition is very good and yields are likely to be average. Supplies will increase from January-February with the harvesting of the new crop,” said Suresh Chowdhary, a trader from Nizamabad, a key market in Andhra Pradesh.

* In Nizamabad, spot turmeric fell 24.5 rupees to 5,512 rupees per 100 kg.


Pepper futures slipped as higher prices of Indian produce dampened demand in the overseas market though thin supplies and limited availability with major producing countries limited the fall.

* Exports have been weak because Indian pepper commands higher prices as compared with other origins in the international market.

* “Trade in pepper is very range-bound. Traders are reluctant to take any fresh position in the absence of clear cues,” said Manikant Khona, a trader from Kochi, a key market in Kerala state.

* The most active October contract on the NCDEX was down 0.41 percent at 43,345 rupees per 100 kg.

* The revival in the monsoon is expected to help the growth of pepper vines. In Kerala and Karnataka, the leading pepper producing states in India, the crop is harvested from December to February.

* In Kochi, spot pepper fell 124 rupees to 42,060 rupees per 100 kg. (Reporting by Meenakshi Sharma; Editing by Anupama Dwivedi)

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