MUMBAI, Dec 11 (Reuters) - India turmeric futures are likely to open up on lower stocks in warehouses, but hopes of higher output and weak export demand may cap gains, analysts said.
Carryover stocks for 2009 are seen at 500,000 bags, down 58 percent from last year's 1.2 million bags, due to lower output in 2007/08, traders said.
But exports also dropped by 22.2 percent to 3,250 tonnes in October compared with the same period a year ago, according to the Spices Board.
The benchmark December contract NTMZ8 ended at 3,766 rupees per 100 kg, up 3.66 percent the previous session.
CHILLI
Chilli futures are likely to open up on short-covering after falling sharply in the last few sessions, analysts said.
The benchmark December contract NCBZ8 has lost 8 percent so far this month. It ended at 4,980 rupees per 100 kg, down 3.51 percent.
Scarcity of quality produce and a likely drop in output in 2008/09 may also support the market, they said.
However, weak export demand may cap some of the gains.
Exports fell 21 percent to 10,000 tonnes in October 2008, compared with the same period a year ago, data from the Spices Board showed.
PEPPER
Futures are likely to open lower as fresh arrivals make their way to market, analysts said.
The benchmark January contract NPEF9 ended down 3.99 percent at 10,217 rupees per 100 kg. It may open around 10,137-10,127 rupees, an analyst said.
JEERA
Futures are likely to open steady but with a positive bias, as an expected output disruption is likely to offset pressure from arrivals of old crop at spot, analysts said.
Also, unfavourable climatic conditions in major growing areas is expected to hit output, and support prices.
The benchmark January contract NJEF9 ended down 0.10 percent at 10,586 rupees per 100 kg the previous session. It may open at around 10,596-10,601 rupees, an analyst said.
Source: Reuters India