Mumbai - Spices started the first session of the week to an upward trend amid continued buying by traders and renewed interest of speculators on the National Commodity and Derivatives Exchange (NCDEX) Monday. Black pepper futures moved up sharply due to heavy buying during initial hours of trade. Jeera, red chilli and turmeric too accumulated considerable gains during morning hours on the exchange.

Black pepper futures extended heavy gains of the last weekend and were trading up sharply amid buying on the NCDEX Monday. At 10.44 am IST, March black pepper futures went up Rs 108 to trade at Rs 15,210/quintal. Benchmark April contract was trading up Rs 124 at Rs 15,600/quintal. Volume in Mar and Apr contracts was 886 tonnes and 1866 tonnes respectively.

At the spot markets Saturday, black pepper traded up Rs 200/quintal in the domestic market. There is a selling pressure for new crop in Vietnam and Brazil, but buyers are staying away expecting more weakness in the prices. Demat stock of black pepper at NCDEX-monitored warehouses, as of Feb 22, was 4397 tonnes while 205 tonnes were in process. According to traders, this year India is likely to produce 45,000 tonnes of black pepper, which will be sufficient to cater to the domestic demand only.

Jeera futures too started the session on a positive note and were trading higher amid speculative buying on the NCDEX. At 10.44 am IST, March jeera contract rose Rs 73 to trade at Rs 9229/quintal. Benchmark April futures were trading up Rs 67 at Rs 9359/quintal. Volume for Mar and Apr contracts was 816 and 1,227 tonnes respectively.

Spot jeera traded steady in the domestic market Saturday. Demat stock at NCDEX-monitored warehouses, as of February 22, was 832 tonnes. Traders say, jeera from Syria is being offered USD2100/tonne in the international market while the Indian variety is trading at USD2300/tonne. This difference in prices has lessened export inquiries in the Indian market.

Red chilli futures retained the green territory and were trading up due to continued interest of traders and speculators on the NCDEX. At 10.44 am IST, March red chilli contract rose Rs 12 to trade at Rs 3930/quintal with a volume of 340 tonnes. April red chilli contract was trading up Rs 39 at Rs 3985/quintal with a volume of 305 tonnes.

Turmeric futures broaden the recovery of the last weekend and were trading positive on the NCDEX Monday. At 10.44 am IST, April turmeric contract gained Rs 28 to trade at Rs 3155/quintal with a volume of 8,270 tonnes. Benchmark May futures were trading up Rs 36 at Rs 3225/quintal with a volume of 2,860 tonnes.