India jeera, turmeric rise on exports; pepper falls.

MUMBAI: Indian cumin seed futures rose on Friday on stockists' demand and a pick-up in exports though rising supplies from the new season crop and expectations of higher output capped the gains.

The actively traded cumin seed, or jeera, contract for May delivery was 1.44 percent higher at 13,730 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 0640 GMT.

"Stockists are very active in the market hoping prices would rise further by 200 rupees-300 rupees from the current levels," said Arvind Patel, a trader from Unjha, a key market in Gujarat.

Daily supplies from the new season crop rose to 35,000-40,000 bags of 60 kg each from 22,000-25,000 bags in the second week of March at the Unjha market in Gujarat.

India exported about 524,690 tonnes of spices during April-December, estimates by the ministry of commerce showed, indicating exports in the financial year ending March 31 were likely much higher than the previous year.

TURMERIC

Indian turmeric futures rose as estimates of lower output and export demand supported sentiment, but selling pressure from old stocks and supplies from the new season crop restricted the upside.

The most-active turmeric contract for May delivery was 0.40 percent higher at 6,606 rupees per 100 kg on the NCDEX.

"A range-bound movement is expected in turmeric because supplies are high and demand is moderate," said Punamchand Gupta, a trader from Nizamabad, a key market in Andhra Pradesh.

Turmeric output is estimated to be lower this year because of reduced plantation area in leading cultivating states.

PEPPER

Indian pepper futures fell due to sluggish exports, with Indian prices remaining higher compared with those of the competitors in the global market, and on concerns over a rise in imports.

The most-active pepper contract for May delivery was 0.70 percent down at 35,650 rupees per 100 kg on the NCDEX.

"India pepper prices are very high. Local industry is importing from other countries which are offering at less prices, to survive in the market," said Jojan Malayil, CEO, Bafna Enterprises, a Kochi-based company.

Pepper output is likely to be higher this season as good yield is expected from the top-producing states of Kerala and Karnataka, traders said.

Supplies from Karnataka have picked up, but are still below the expected levels because of labour shortage.


Source : economictimes.indiatimes.com