Indian turmeric falls on higher stocks; jeera rises

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Aug 22 (Reuters) – Indian turmeric futures fell on Thursday on higher carry forward stocks and conducive weather conditions, helping the progress of the sown crop.

* The most-actively traded turmeric contract for September delivery was 1.54 percent lower at 4,972 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 0954 GMT.

* “Demand has improved in the local market in the past few days but prices are not sustaining at higher levels because stocks are huge and the coming crop is also in a good condition,” said Suresh Chowdhary, a trader from Nizamabad, a key market in Andhra Pradesh.

* At Nizamabad spot market, turmeric rose 66 rupees to 5,072 rupees per 100 kg from the close on Aug. 19.

CUMIN SEEDS

Indian jeera, or cumin seed, futures were up on a rise in the overseas demand, but hopes of higher sowing in the leading cultivating state due to plentiful of rains capped the gains.

* The actively traded jeera contract for September delivery was up 0.35 percent at 13,487.5 rupees per 100 kg on the NCDEX.

* “Demand from overseas and local buyers have improved. Lack of supplies from other origins are supporting the Indian prices,” said Samir Shah, a trader from Unjha, a key market in Gujarat.

* India is the largest jeera producer in the world, followed by Syria and Turkey.

* Gujarat, the top jeera producer in India, has received above average rainfall so far in the monsoon season.

* Jeera is a winter crop sown from October and farmers depend on rains to moisten the land for sowing.

* At Unjha, spot jeera rose 120 rupees to 13,600 rupees per 100 kg. (Reporting by Meenakshi Sharma; Editing by Anand Basu)

Source: Reuters

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