Jeera, turmeric trade lower; pepper steady

MUMBAI: India jeera futures traded lower on Monday afternoon weighed by mounting supplies of the new crop, analysts said.
The most-active April jeera on the National Commodity and Derivatives Exchange (NCDEX) was trading 0.95 percent lower at 15,730 rupees per 100 kg at 12:42 p.m.
India's jeera exports in April-January fell 36 percent on year to 26,000 tonnes.
As on Jan. 10, the acreage under jeera in Gujarat stood at 244,600 hectares, marginally higher than 242,700 hectares sowed a year ago, said J.H. Suthar, deputy director, state farm department.
In India, jeera is cultivated during winter from October to December, and harvested in February-April.
"The jeera April futures are projected to continue the losses on active selling initially on Monday. Increasing arrivals at spot market might also pressurize the prices. However, prices are likely to resume upside later in the day on fresh buying at lower levels," said Veeresh Hiremath, senior analyst with Karvy Comtrade.
Daily supplies in Unjha have risen to 22,000-24,000 bags of 55 kg each against 15,000-17,000 kg during the start of the month.
PEPPER: India pepper futures were steady on Monday weighed by weak export demand, though limited supplies in the spot market kept the downside limited, analysts said.
The most-active pepper April contract was trading 0.36 percent lower at 24,400 rupees per 100 kg.
Unseasonal rain during October-December affected the yield of pepper vines and is likely to slash the output for this year, industry officials said.
Weakness in export demand, however, may weigh on sentiment. India's pepper exports in April-January fell 7 percent on year to 15,700 tonnes.
"The pepper April futures are projected to continue the positive trend initially on Monday. Active buying interest might support the prices. However, prices are likely to witness decent corrections on profit booking," said Hiremath.
TURMERIC: India's turmeric futures fell more than half a percent in afternoon trade on Monday on rising spot supplies and weak demand, analysts said.
Supplies from the new season crop have been rising continuously in the spot market after farmers expanded area, lured by higher prices last season.
"Turmeric is witnessing a downtrend in the spot prices due to higher supply and its effect is felt on future price also. There could be some more decline in its prices," said Faiyaz Hudani, senior analyst at Kotak Commodities.
At 12:43 p.m., the most-traded April turmeric was down 0.64 percent at 9,580 rupees per 100 kg.
In Erode, a key market in Tamil Nadu, arrivals have risen to 20,000-25,000 bags of 70 kg each against 10,000-15,000 bags at the start of the month.
Hudani expects turmeric April contract to extend losses to 9,200 rupees per 100 kg in short term.

(Source: http://economictimes.indiatimes.com/markets/commodities/jeera-turmeric-trade-lower-pepper-steady/articleshow/7805651.cms)