Mumbai - After accumulating sharp gains during the last few sessions, jeera futures reversed direction to southwards and hit three per cent lower circuit amid heavy profit-booking on the National Commodity and Derivatives Exchange (NCDEX) Wednesday. The futures were trading sharply down with losses of around four per cent during initial hours. Black pepper futures extended previous losses and were trading lower due to selling while red chilli and turmeric futures also fell in the red zone surrendering more gains.

Jeera futures faced the imminent profit-booking after amassing heavy gains and were trading sharply lower as traders and speculators resorted to liquidation, pulling the futures down almost four per cent during morning hours on the NCDEX Wednesday. At 10.50 am IST, NCDEX May jeera tumbled Rs 356 to trade at Rs 10,259/quintal. Benchmark July contract traded down Rs 396 at Rs 10,665/quintal. Volume for May and July contracts was 1,680 and 3,468 tonnes respectively.

Spot jeera surged further amid consistent export demand at the main spices market Unjha in Gujarat Tuesday. Around 19,000 bags of jeera arrived at Unjha today. Traders say, the local buyers are staying away from the market as jeera has gained sharply since last few days. They are buying jeera as per the requirement as they believe the rise in prices is due to export demand and is temporary. As of April 26, demat stock of jeera at NCDEX-monitored warehouses was 392 tonnes.

Black pepper extended losses of the previous session and dipped further amid continued selling by traders and speculators during initial hours of trade on the NCDEX. At 10.51 am IST, NCDEX May black pepper dropped Rs 127 to trade at Rs 14,020/quintal. Benchmark June contract traded down Rs 125 at Rs 14,281/quintal. Volume in May and June contracts was 644 tonnes and 962 tonnes respectively.

Spot black pepper reduced Rs 100/quintal amid discouraged buyers and absence of sellers at the current rates in the domestic spot market Tuesday. While exports of Indian black pepper have gone down due to cheaper prices of Vietnamese variety in the international market, the increasing temperature in India has also affected the domestic demand. As of April 26, demat stock of black pepper at NCDEX-monitored warehouses was 6,360 tonnes while 76 tonnes were in process.

Slipping down the mixed trend of the previous session, red chilli futures suffered sharp losses as traders preferred selling during early session on the NCDEX. At 10.49 am IST, NCDEX June red chilli went down Rs 69 to trade at Rs 4,950/quintal with a volume of 410 tonnes. Benchmark August contract traded down Rs 56 at Rs 5,314/quintal with a volume 45 tonnes.

Spot red chilli traded firm in the domestic market Tuesday. The undertone in red chilli is bullish on consistent buying by exporters in the domestic market. Arrivals at the main market Guntur in Andhra Pradesh were recorded at 70,000 bags. Importers procured 25,000-30,000 bags today. As of April 26, demat stocks of red chilli at NCDEX-monitored warehouses were at 679 tonnes while 105 tonnes were in process.

Reversing gains of the last session, turmeric futures slipped into the red territory with considerable amount of losses amid fresh selling by traders on the NCDEX. At 10.50 am IST, NCDEX May turmeric lost Rs 46 to trade at Rs 3,094/quintal with a volume of 4,170 tonnes. Benchmark June contract traded down Rs 41 at Rs 3,176/quintal with a volume 2,310 tonnes.

Spot turmeric traded firm amid continuing export and domestic demand at the main market Sangli in Maharashtra and other major markets Tuesday. Around 1,890 bags of turmeric were traded at Sangli by the noon. As of April 26, demat stock of turmeric at NCDEX-monitored warehouses were of 169 tonnes and 60 tonnes were in process.