Mumbai - Extending huge losses of the previous session, black pepper and jeera futures dropped sharply amid profit-booking and heavy selling by speculators and traders during the initial trade on the National Commodity and Derivatives Exchange [NCDEX] Thursday. Turmeric was trading mixed while red chilli was trading lower marginally on the exchange.

Earlier, on Wednesday the black pepper and jeera futures had dropped in the range of 3.5%-4%. Red chilli futures too dipped around two per cent while turmeric closed to a mixed trend. In the spot markets, almost all the spices traded steady.

Extending the heavy losses of the previous session, black pepper futures dropped further during the early trade. At 10.28 am IST, benchmark December-07 black pepper crumbled Rs 174 to trade at Rs 13,362/quintal, while January-08 futures dropped Rs 198 to trade at Rs 13,499/quintal. Volume in December and January contracts was 797 tonnes and 1498 tonnes respectively.

Demand for black pepper improved slightly but prices were quoted lower amid absence of exporters at domestic spot markets Wednesday. Generally, there is good demand for black pepper in the domestic market in winter, but this year the scene is otherwise. Sellers are dominating the market holding the prices higher. In the futures market, however, speculators are active eyeing at gains.

Jeera futures too continued the downfall and were trading lower on the NCDEX Thursday. At 10.29 am IST, benchmark December-07 futures were down Rs 115 to trade at Rs 10,132/quintal with 516 tonnes contracted. January-08 futures lost Rs 116 to trade at Rs 10,341/quintal with a volume of 1185 tonnes.

Spot jeera witnessed sluggish business as arrivals and demand was average at the main market Unjha. Traders avoided to make fresh purchases at the higher prices. Trade participants said, jeera sowing was in full swing in Gujarat, and looking at the favourable weather, the sowing is likely to be completed within a month.

Turmeric futures were trading mixed higher on the exchange. At 10.27 am IST, more-active December-07 turmeric was down Re one to trade at Rs 2155/quintal with 490 tonnes contracted. April-08 contract up Rs three to trade at Rs 2433/quintal with a volume of 560 tonnes.

Spot turmeric traded steady amid average demand and supplies at the main market Sangli Wednesday. Markets in Andhra Pradesh were closed today. Traders say, the recent gains in turmeric are preventing buys at the current higher prices.

Red chilli futures were trading down marginally on the domestic exchange. At 10.21 am IST, February-08 red chilli contract was down Re one to trade at Rs 3680/quintal with a volume of five tonnes. Trading in March-08 futures had not started till the filing of this report.