Indian turmeric rises on export demand; jeera falls

0
290

Aug 19 (Reuters) – Indian turmeric futures rose on Monday on fresh export demand, while expectations of a pick up in the local demand ahead of festivals aided sentiment.

* The most-actively traded turmeric contract for September delivery was 2.62 percent higher at 4,928 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 1008 GMT, after hitting a high of 4,952 rupees earlier in the day.

* “It should recover now because prices are at an attractive level. Demand from north India is also expected to pick up ahead of festivals,” said Badruddin Khan, associate vice-president of research at Indiabulls Commodities.

* Khan expects the September contract to rise to 4,990 rupees.

* Spot prices fell 55 rupees to 5,016 rupees per 100 kg at Nizamabad in Andhra Pradesh.

CUMIN SEEDS

India’s jeera or cumin seeds futures fell due to expectations of higher sowing on ample rainfall in Gujarat, the top producer.

* The actively traded jeera contract for September delivery was down 0.67 percent at 13,290 rupees per 100 kg on the NCDEX.

* “The trend looks weak in jeera because area under cultivation is expected to rise amid ample rains. Prices may fall to 13,000 rupees in the near term,” said Khan.

* Gujarat 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.

* Spot jeera fell 77 rupees to 13,500 rupees per 100 kg at Unjha, a key market in Gujarat. (Reporting by Meenakshi Sharma; Editing by Anand Basu)

Source: Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here