MUMBAI: Turmeric futures fell nearly 4 percent on Wednesday, weighed by a rise in daily arrivals and higher carry-forwardstocks.
The most-active turmeric contract for May delivery was down 3.98 percent at 6,764 rupees per 100 kg on the NationalCommodity and Derivatives Exchange (NCDEX) at 0900 GMT. It had hit a contract high of 7,374 rupees on Tuesday.
Daily arrivals rose to 18,000 bags of 70 kg each at the Nizamabad market in Andhra Pradesh on Wednesday, from around 10,000 bags in the first week of the month.
“Supplies have risen since the beginning of this week and this is adding pressure on the market. Prices may fall by another 200-300 rupees,” said Punamchand Gupta, a trader from Nizamabad.
Traders expect prices to rebound once arrival pressure eases due to estimates of lower production.
Turmeric output is estimated to be lower this year because of reduced plantation area in leading cultivating states.
Spot turmeric fell 168 rupees to 6,815 rupees per 100 kg in Nizamabad.
PEPPER Indian pepper futures slipped due to a rise in domestic arrivals from Karnataka and on subdued overseas demand because of higher prices of the Indian produce.
The most-active pepper contract for May delivery was 0.29 percent lower at 34,895 rupees per 100 kg on the NCDEX.
“Higher arrivals of the Karnataka crop coupled with weak overseas demand may pressurise prices,” Angel Commodities said in a research note.
Spot pepper fell 173 rupees to 36,100 rupees at Kochi, a key market in the southern state of Kerala.
JEERA Indian cumin seed, or jeera, futures fell on rising supplies from the new season crop, a drop in local demand and expectations of higher output.
The actively traded jeera contract for May delivery was 1.61 percent down at 12,967.5 rupees per 100 kg on the NCDEX.
“Arrival pressure is huge in the local market. Around 40,000 bags (60 kg each) arrived here today,” said Samir Mahendra Shah, a trader from Unjha in Gujarat.
Spot jeera fell 58 rupees to 13,552 rupees per 100 kg in Unjha.
Spot traders expect prices to fall to 12,600-12,500 rupees per 100 kg in the short term.
India is the largest jeera producing country in the world followed by Syria and Turkey.
India exported about 524,690 tonnes of spices during April-December, estimates by the ministry of commerce showed, indicating exports in the financial year ended March 31 were likely much higher than the previous year.