Spices futures open up on rains, demand
Spices futures rose in opening trade on Monday on rainfall in major growing regions and good demand, analysts said.
By PTI |
MUMBAI: Spices futures rose in opening trade on Monday on rainfall in major growing regions and good demand, analysts said.
Jeera futures opened up on short-covering prompted by good demand in the physical market. At 10.51 a.m. the benchmark May jeera on the National Commodity and Derivatives Exchange (NDCEX) was up 0.69 percent at 8,798 rupees per 100 kg. Arrivals started in February and will continue through April.
Pepper futures opened up on increased export demand due to lower Indian prices compared with other major exporting countries and rainfall in the main producing region, analysts said. Kerala, the biggest producer, received heavy rainfall in last five days, which may delay arrivals.
The benchmark May pepper on the NCDEX was up 0.44 per cent at 15,668 rupees per 100 kg. Chilli futures hit maximum daily price limits in early trade on reports of crop damage due to rainfall in the main producing region, analysts said.
The southern state of Andhra Pradesh, the biggest producer, received heavy rainfall in last five days, which may damage crop. The benchmark June chilli on the NCDEX was up 3.97 per cent at 4,558 rupees per 100 kg.
Turmeric futures hit initial daily price limit of two percent due to rainfall in southern states, which may affect crop quality and delay arrivals, analysts said.
Tamil Nadu and Andhra Pradesh, the main producing states, received rainfall in last five days. The benchmark May turmeric on the NCDEX was up 2.02 per cent at 3,441 rupees per 100 kg.
Jeera futures opened up on short-covering prompted by good demand in the physical market. At 10.51 a.m. the benchmark May jeera on the National Commodity and Derivatives Exchange (NDCEX) was up 0.69 percent at 8,798 rupees per 100 kg. Arrivals started in February and will continue through April.
Pepper futures opened up on increased export demand due to lower Indian prices compared with other major exporting countries and rainfall in the main producing region, analysts said. Kerala, the biggest producer, received heavy rainfall in last five days, which may delay arrivals.
The benchmark May pepper on the NCDEX was up 0.44 per cent at 15,668 rupees per 100 kg. Chilli futures hit maximum daily price limits in early trade on reports of crop damage due to rainfall in the main producing region, analysts said.
The southern state of Andhra Pradesh, the biggest producer, received heavy rainfall in last five days, which may damage crop. The benchmark June chilli on the NCDEX was up 3.97 per cent at 4,558 rupees per 100 kg.
Turmeric futures hit initial daily price limit of two percent due to rainfall in southern states, which may affect crop quality and delay arrivals, analysts said.
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Tamil Nadu and Andhra Pradesh, the main producing states, received rainfall in last five days. The benchmark May turmeric on the NCDEX was up 2.02 per cent at 3,441 rupees per 100 kg.
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