Turmeric retreats from high; jeera, pepper down.

MUMBAI: India's turmeric futures retreated from a fresh contract high hit intra-day on Thursday on profit booking that emerged after prices rose 30 percent in the last 11 sessions, analysts said.

"Prices may correct by another 100-150 rupees per 100 kg. However, in long run trend is bullish because of robust overseas demand," said an analyst from a Mumbai-based brokerage.

At 3:24 p.m., the most active May turmeric was down 2.39 percent at 15,220 rupees per 100 kg after hitting a contract high of 15,905 rupees per 100 kg. In Nizamabad, a major spot market in Andhra Pradesh, the price fell 31 rupees to 15,496 rupees per 100 kg.

Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March. The peak season runs till June. Turmeric exports in February 2010 stood at 2,500 tonnes, down 19 percent from a year ago, according to data from the Spices Board.

JEERA: India's jeera futures fell in the afternoon trade on profit booking after rising 10 percent in the last 10 sessions and weak overseas demand and higher output views, analysts said. "Overseas demand is weak but local demand is good at lower levels. Production is estimated higher this year... ," said a spot trader from Unjha.

At 3:25 p.m., the most active June jeera contract was down 2.00 percent to 12,817 rupees per 100 kg. Production in 2010 is seen rising to 2.9 million bags of 60 kg each from 2.7 million bags in 2009, the poll of eight traders and exporters showed on April 19.

At Unjha, the benchmark spot market in Gujarat, jeera was up 50 rupees to 12,725 rupees per 100 kg. The peak arrival season was in March and April. Jeera exports in February 2010 dropped 17 percent to 2,500 tonnes on year, the Spices Board said.

PEPPER : Indian pepper futures shed 3 percent as profit booking that emerged after prices rose more than 10 percent in the last 11 sessions weighed on sentiment, analysts said.

At 3:26 p.m., the most active June pepper contract was down 2.99 percent to 16,747 rupees per 100 kg. Pepper exports in February 2010 fell 3.22 percent to 1,500 tonnes on year, the Spices Board said. Spot pepper dropped 85 rupees to 16,532 rupees per 100 kg in Kochi, a major trading hub in Kerala.

Source : The Economic Times