23-Oct-2013
Jeera futures rose on Wednesday on buying at lower levels supported by some export demand, though expectations of higher area under cultivation and large spot supplies capped the gains.
Sowing of jeera has started in some areas and would gain pace from next week. Jeera, or cumin seed, is a winter crop sown from October and farmers mainly depend on the rains to moisten the land for sowing.
At 0933 GMT, the actively traded jeera contract for November delivery was up 0.51 per cent at Rs 12,700 per 100 kg on the National Commodity and Derivatives Exchange (NCDEX). It has fallen more than 13 per cent between September 3 and October 22.
"Jeera prices have come down significantly and this is a good opportunity to buy. Export demand has also picked up and is likely to gain further," said Jay Kumar Jain, a trader from Unjha, a key market in Gujarat.
Daily supplies at Unjha were at 7,000-8,000 bags of 60 kg each, higher than the expected 3,000-4,000 bags.
Spot jeera fell Rs 40 to Rs 13,079 per 100 kg in Unjha.
Howeverm, turmeric futures rose on a pick-up in local demand in the festive season and on export inquiries though large stocks limited the upside. The most-actively traded turmeric contract for November delivery was up 1.17 per cent at Rs 4,848 per 100 kg on the NCDEX.
"Turmeric prices should improve from these levels as local and export demand are expected to pick up," said Suresh Chaudhary, a trader from Nizamabad, a key market in Andhra Pradesh.
Turmeric cultivation usually starts in the last week of May and continues until August. A lengthy harvesting process starts from January.
Spot turmeric rose Rs 13 to Rs 4,906 per 100 kg at Nizamabad. Indian will celebrate Diwali in the first week of November.
There was some fresh export demand for turmeric at lower prices, which could increase if prices stabilise around those levels, spot traders said.
Source:- economictimes.indiatimes.com
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