Mumbai: Despite recent spikes, jeera, chilli and turmeric futures on NCDEX are hoped to remain peeimistic in the short term. Jeera (cumin seed) for October delivery on NCDEX on Sept 19 touched the upper circuit at Rs 11,097 a quintal on short covering. Though jeera contracts on NCDEX likely to see minor gains, enough inventory is available to meet the festival demand and may pressurise the prices. At Unjha, the main mandi for Jeera, daily arrivals were at about 1,500 bags. On Sept 19, prices were at Rs 2,250/20 kg (1 per cent quality) and Rs 2,200/20 kg (2 per cent quality).
On NCDEX, there was no major movement on Sept 19 as volumes shrunk considerably. At Guntur in Andhra Pradesh, about 45,000 bags (1 bag = 45 kg) arrived, while prices were at Rs 4,800-5,200 a quintal for LCA 334. A stock of 23 lakh bags was traded on Sept 19.
Chilli is grown in Madhya Pradesh, Andhra Pradesh, Karnataka and Maharashtra. Andhra Pradesh brings about 70 per cent of the total production. The crop from Madhya Pradesh is the first to arrive in the market followed by Karnataka (Byadgi) in November, Maharashtra in December and Andhra Pradesh in January. On Sept 19, turmeric touched the upper circuit on short covering. However, good monsoon in the turmeric growing belt is hoped to boost the production
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