Mumbai - Continued buying interest among traders and speculators pushed jeera futures up further while black pepper futures recovered part of the yesterday's losses and turned green amid short-covering during early hours of session on the National Commodity and Derivatives Exchange (NCDEX) Thursday. Turmeric and red chilli futures also moved up slowly with minor gains on the exchange.
Supported by the strong domestic and export demand in the physical market, jeera futures enlarged yesterday's gains and rose further as traders and speculators showed more interest in buying during early hours of trade on the NCDEX Thursday. At 10.34 am IST, NCDEX July jeera contract surged Rs 103 to trade at Rs 12,149/quintal. Benchmark September contract traded up Rs 94 at Rs 12,649/quintal. Volume for July and September contracts was 1536 and 3912 tonnes respectively.
Spot jeera traded stronger amid strong domestic and export demand Wednesday. Looking at the current trend, traders are optimistic that jeera prices will not fall in the near future. Around 5,000 bags of jeera are being exported from the country everyday. Arrivals are also improving to the physical markets in the country. Traders have estimated this year's jeera production in India at 25 lakh to 28 lakh bags. As of June 17, demat stock of jeera at NCDEX-monitored warehouses was 1379 tonnes while 69 tonnes were in process.
After tumbling down over two per cent yesterday, black pepper futures recovered slightly amid short-covering by traders and speculators during initial hours of trade on the NCDEX Thursday. At 10.24 am IST, NCDEX June black pepper jumped Rs 67 to trade at Rs 13,875/quintal. Benchmark July contract traded up Rs 33 at Rs 14,135/quintal. Volume in June and July contracts was 42 tonnes and 409 tonnes respectively.
Spot prices of black pepper continued to remain unchanged at the previous level in the domestic market Tuesday. Farmers as well as stockists are not interested in selling black pepper at this moment, as they expect prices to rise further in the coming days. As of June 17, demat stock of black pepper at NCDEX-monitored warehouses was 6,891 tonnes while zero tonne were in process.
Turmeric futures extended yesterday's small recovery and moved up further amid short-covering and fresh but limited buying during early hours of session on the NCDEX Thursday. At 10.30 am IST, NCDEX June turmeric gained Rs 29 to trade at Rs 4,128/quintal with a volume of 220 tonnes. Benchmark August contract traded up Rs 35 at Rs 4,388/quintal with a volume 11,900 tonnes.
Turmeric traded stronger at major spot markets across the country Wednesday. According to traders' estimates, the production of turmeric during the current season will be of 38 lakh to 38.5 lakh bags across the country. The carry-forward stock was of 11 lakh bags. But the domestic and export demand will not be less than 50 lakh bags. Therefore, the next season is unlikely to have carry-forward stock. Turmeric stocks by the end of this month would be of 20 lakh to 21 lakh bags across the country. As of June 17, demat stock of turmeric at NCDEX-monitored warehouses was of 1,570 tonnes while 230 tonnes were in process.
Red chilli futures were trading almost flat, with marginal upward movement, amid short-covering by traders during initial hours of session on the NCDEX Thursday. The futures are getting some support from short supplies at the main market Guntur in Andhra Pradesh as traders have gone on strike demanding compensation for the losses incurred during the last month's fire. At 10.35 am IST, NCDEX June red chilli rose Rs three to trade at Rs 5,000/quintal with a volume of 60 tonnes. Benchmark August contract traded up Rs five at Rs 5,434/quintal with a volume 120 tonnes.