Mumbai - Red chilli was witnessing a sharp decline while black pepper and turmeric traded slightly weaker amid profit-booking by speculators and traders during the initial trade on the National Commodity and Derivatives Exchange [NCDEX] Saturday. Jeera futures were trading mixed due to sluggish trade on the last trading session of the week.

Red chilli futures were witnessing a sharp decline on the domestic exchange. At 10.31 am IST, front-month November red chilli contract had lost Rs 117 to trade at Rs 4225/quintal with a volume of five tonnes. Whereas February-08 futures were trading down Rs 47 at Rs 3760/quintal with 120 tonnes contracted.

Friday, red chilli dropped up to Rs 200/quintal due to weak demand at the main market Guntur in Andhra Pradesh Friday. Arrivals at Guntur were recorded at 30,000 bags while around 15,000 bags were traded. Importers from Bangladesh and Malaysia provided a boost to the volume by purchasing around 7000 bags, traders said. Demand from both international and domestic markets was weak, traders said. They expressed fear that prices might come down further by Rs 100 to Rs 200 if the demand did not improve next week.

Black pepper futures were trading down during the early trade. At 10.31 am IST, benchmark December black pepper was down Rs 69 at Rs 14,151/quintal, while November futures lost Rs 73 to trade at Rs 13,880/quintal. Volume in November and December contracts was 44 tonnes and 660 tonnes respectively.

Turmeric futures were trading slightly weaker on the exchange, having movement in a very narrow range. At 10.35 am IST, more-active December turmeric was trading down Rs 15 at Rs 2074/quintal with 720 tonnes contracted. November contract was down Rs nine at Rs 1975/quintal with a volume of 60 tonnes.

At the spot market, spot turmeric witnessed some movement on both sides and closed slightly weaker amid improved business activities here Friday. Turmeric prices might feel pressure till the sentiments for November futures contract are persisting in the market. Once the contract is settled, prices are expected to move up, traders said.

Jeera futures were trading mixed on the NCDEX Saturday. At 10.28 am IST, benchmark December futures were down Rs 28 at Rs 10,619/quintal with 339 tonnes contracted. November futures were trading up Rs 32 at Rs 10,300/quintal with a volume of nine tonnes.

Jeera traded higher by Rs 100/quintal amid average business at the main market Unjha Friday.Traders said, the demand from domestic market was average while that from international markets was totally absent. Traders said, jeera demand generally reduces post-Diwali and therefore volume of trade might also come down in the coming days. Meanwhile, sowing of new crops is under way in Gujarat. Experts said, the coverage area might be increased looking at the higher prices of jeera in the market.