Spices futures bounce back
Supported by strong export demand and lower rainfall in major growing regions, black pepper and other spices were trading higher in early trade on the futures market on Tuesday.
By PTI |
NEW DELHI: Supported by strong export demand and lower rainfall in major growing regions, black pepper and other spices were trading higher in early trade on the futures market on Tuesday.
Both running contracts of black pepper were back in the positive zone after Monday's correction.
At 1130 hrs, July contract of black pepper traded sharply higher by 1.3 per cent at Rs 14,800 per quintal on NCDEX counter.
"Lower rainfall in major growing regions and export demand are mainly supporting spice prices," said market analysts.
Kerala, the largest producer of pepper in the country, has received nearly 44 per cent lower rainfall compared to its long-term average during June 1 to July 15.
Similarly, far-month September contract rose by 1.3 per cent at Rs 15,150 per quintal.
Red Chilli for August contract fell 1.5 per cent at Rs 5,750 per quintal after rising to Rs 5,760 per quintal.
Far-month October contract was up 1 per cent at Rs 6,161 per quintal.
Similarly, Jeera too traded in positive territory after yesterday's losses. Most-active September contract recovered marginally by 0.25 per cent at Rs 13,881 per quintal, while far-month October up 0.25 per cent at Rs 14,200 per quintal.
However, turmeric continued its downward trend for the second straight session on expectations that the ongoing rainfall in Andhra Pradesh would boost sowing of the commodity.
Both the August and October contracts were down by another 1 per cent each at Rs 4,837 and Rs 5,088 per tonne respectively.
Both running contracts of black pepper were back in the positive zone after Monday's correction.
At 1130 hrs, July contract of black pepper traded sharply higher by 1.3 per cent at Rs 14,800 per quintal on NCDEX counter.
"Lower rainfall in major growing regions and export demand are mainly supporting spice prices," said market analysts.
Kerala, the largest producer of pepper in the country, has received nearly 44 per cent lower rainfall compared to its long-term average during June 1 to July 15.
Similarly, far-month September contract rose by 1.3 per cent at Rs 15,150 per quintal.
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Red Chilli for August contract fell 1.5 per cent at Rs 5,750 per quintal after rising to Rs 5,760 per quintal.
Far-month October contract was up 1 per cent at Rs 6,161 per quintal.
Similarly, Jeera too traded in positive territory after yesterday's losses. Most-active September contract recovered marginally by 0.25 per cent at Rs 13,881 per quintal, while far-month October up 0.25 per cent at Rs 14,200 per quintal.
However, turmeric continued its downward trend for the second straight session on expectations that the ongoing rainfall in Andhra Pradesh would boost sowing of the commodity.
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Both the August and October contracts were down by another 1 per cent each at Rs 4,837 and Rs 5,088 per tonne respectively.
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