08-Oct-2013
Traders expect local demand to rise in the festive season.
Turmeric cultivation usually starts in the last week of May and continues until August. A lengthy harvesting process starts from January.
At 1013 GMT, the most-actively traded turmeric contract for November delivery was 2.09 percent higher at 5,090 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX).
"Export and domestic festive demand is expected to support prices in the short-term," said an analyst from Angel Commodities.
India will celebrate festivals such as Dussehra this month and Diwali in the first week of November.
Spot turmeric prices rose 60 rupees to 4,970 rupees per 100 kg at Nizamabad, a key market in Andhra Pradesh.
Indian jeera futures rose on demand from overseas buyers, though higher supplies in local markets and prospects of better sowing weighed on sentiment.
Jeera, or cumin seed, is a winter crop sown from October. Farmers mainly depend on rains to moisten the land for sowing.
The actively traded jeera contract for November delivery was up 0.61 percent at 13,100 rupees per 100 kg on the NCDEX. It hit a contract low of 12,800 rupees on Oct. 4.
"Export demand has picked up at lower prices and this is supporting the upside," said Jayesh Patel, a trader from Unjha, a key market in Gujarat. "The upside would be restricted because sowing prospects are good."
At Unjha, supplies were 6,000-7,000 bags of 60 kg each against expected 3,000-4,000 bags.
Traders expect jeera sowing to be better this season because of ample rains in the top producer Gujarat.
Spot jeera fell 29 rupees to 13,300 rupees per 100 kg in Unjha.
Source:- in.reuters.com
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