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Indian jeera, turmeric up on demand; pepper drops on increased supplies

Source : REUTERS
Last Updated: Mon, Jan 07, 2013 09:30 hrs

MUMBAI, Jan 7 (Reuters) - Indian jeera futures rose over 2 percent on Monday on short-covering after a steep fall in prices and on expected rise in export demand in the coming weeks.

* Jeera is a winter crop for which sowing starts from October.

* As of 0910 GMT, the March jeera contract on the National Commodity and Derivatives Exchange (NCDEX) was up 1.84 percent at 14,635 rupees per 100 kg. The contract fell nearly 10 percent in the previous two weeks.

* "We have seen a sharp correction in jeera prices in the last 2-3 weeks and, at this level, traders are expecting improvement in overseas demand," said Ajitesh Mullick, head of farm research at Religare Commodities.

* India is the world's top producer of jeera, or cumin seed, followed by Syria and Turkey.

* At Unjha, a key market in Gujarat, jeera rose 41 rupees to 14,611 rupees per 100 kg.

PEPPER

Indian pepper futures were marginally lower as an expected rise in supplies in the spot markets outweighed increased demand from northern India.

* Supplies from the new season crop start from January-February.

* The most-active February pepper contract on the NCDEX was down 0.20 percent at 35,300 rupees per 100 kg.

* Pepper output is likely to be higher this season due to expectations of good yields in the top producing states of Kerala and Karnataka, traders said.

* "There are some quality issues with initial supplies and demand has declined due to it," said a trader from Kochi, a key market in Kerala.

* Spot pepper rose 44 rupees to 38,100 rupees per 100 kg in Kochi.

TURMERIC

Indian turmeric futures rose on improved demand from north India and on weather concerns in a key growing area.

* The April turmeric contract on the NCDEX was up 2.53 percent at 6,890 rupees per 100 kg.

* "There were reports that Andhra Pradesh might get heavy rains in the next few days and it could damage standing turmeric crop," said Mullick.

* At Nizamabad, a key market in Andhra Pradesh, spot turmeric was almost steady at 5,698 rupees per 100 kg.

* 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. (Reporting by Deepak Sharma; Editing by Prateek Chatterjee)



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