Indian Jeera Trade On Good Export - 24 June, 2008

Indian jeera futures, firm in early trade on good export demand from the Middle East and European countries, pared gains and ended lower on profit-taking and a rise in arrivals, analysts said.All the contracts hit the initial two percent lower daily price limit.

The benchmark September contract has risen more than 12 percent in the last eight trading sessions.The recent rise in prices also prompted farmers to offload more stocks, which increased arrivals in the physical market, said Alimuhammad Lakdawala, an analyst with Anand Rathi Commodities.India's jeera production in 2008 is likely to touch 2.5 million bags due to conducive weather and increased area under cultivation. Arrivals in the physical market were about 14,000-15,000 bags, compared with about 10,000 bags last week, said Manibhai Patel, a Unjha-based trader.The September contract would get support at 12,000 rupees and face resistance at 12,900 rupees.

Jeera Futures Gain On Short Supply - June 13, 2008

Mumbai: Jeera futures on NCDEX gained 1.62 per cent to Rs 11,015 a quintal on reports of a drop in global supply. Moreover, arrivals in the domestic market declined sharply. Maize was up 1.51 per cent at Rs 940 per quintal on fresh buying interest.

Castorseed rose 1.07 per cent to Rs 536 per 20 kg on shrinking arrivals and strong export demand. Cocud moved up 0.99 per cent at Rs 468 per 50 kg on strong demand from Rajasthan and Gujarat.

Reports of rainfall in parts of Rajasthan and Gujarat pulled down guarseed futures by 2.6 per cent to Rs 1,722 per quintal.

Turmeric dips

Turmeric settled a tad down at Rs 4,175 on profit taking coupled with weak sentiment in the physical market.

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On MCX, cardamom rose 2.48 per cent to Rs 702 per quintal on lower arrivals and strong domestic demand.

MCX registered a turnover of Rs 6,119 crore up to 5 pm on Thursday.

Jeera Futures Decline On Profit Taking

Mumbai: Mustard seed futures gained 3.68 per cent to Rs 519 per 20 kg on short covering after the recent fall coupled with emergence of buying interest at lower levels. Barley was up by 1.96 per cent to Rs 1,101 per quintal on good demand in the spot markets amidst arrival pressure.

Chana recovered 2.07 per cent to Rs 2,570 per quintal as arrivals fell sharply in spot markets on fear raids being carried out by the Government.

Soya up

Soyabean and soya oil futures went up 1.49 per cent and 1.35 per cent to Rs 2,180 per quintal and Rs 559 per 20 kg respectively on short covering and firm international markets.

Chilli down

Chilli lost 1.52 per cent on account of increasing selling pressure on higher arrivals in the market. Turmeric tumbled 1.4 per cent to Rs 3,232 per quintal on weak sentiment in the spot market. Jeera fell 0.73 per cent to Rs 9,105 per quintal on profit taking after the recent rally.

Cardamom on MCX traded firm at Rs 632 per one kg, up 1.36 per cent on account of restricted supply and moderate demand. Mentha oil closed on negative note at 446 per one kg, down 0.65 per cent tracking weak sentiment in the physical market coupled with lack of demand in anticipation of a bumper crop.

MCX recorded a turnover of Rs 4,402 crore up to 5 pm while it was Rs 1,800 crore in NCDEX on Tuesday.

Jeera, Chilli, Turmeric Rise On Demand; Pepper Falls

MUMBAI: Indian jeera futures rose on Friday on reports of rains in Rajasthan and good domestic and export demand, analysts said. There were rains and storm on Friday morning in major jeera growing regions in Rajasthan, which was expected to affect the crop, said Rakesh Jain, a Jodhpur-based trader.

During early trade, the benchmark May contract rose 0.48 per cent to Rs 8,910 per 100 kg.

CHILLI: Indian chilli futures extended gains in early trade due to good export demand and scarcity of quality produce in the spot market, analysts said. During early trade, the benchmark June contract on NCDEX was up 0.7 per cent at Rs 4,720 per 100 kg.

However, profit-taking may emerge in the later part of the day on expected rise in arrivals.

TURMERIC: Indian turmeric futures were up in morning trade on lower output estimates and good demand in the physical market, analysts said. During early trade, the benchmark May contract on the NCDEX was up 0.96 per cent at Rs 3,268 per 100 kg.

However, rising arrivals in peak harvesting season may restrict gains.

PEPPER: Indian pepper futures were trading lower on sluggish export demand due to lower prices in Vietnam, analysts said. Vietnam is the largest pepper producer and exporter, while India is the second largest. During early trade, the benchmark May contract was trading at Rs 15,145, down 0.28 per cent.

Higher Yield May Push Up Jeera Output

Mumbai: Higher yield and favourable weather may push up jeera (cumin) production by 26 per cent to 2.11 lakh tonnes in 2008 against 42,304 lt to 1.67 lt last year, despite many farmers moving away from its cultivation in Rajasthan. Production last year was hit due to delay in sowing and floods in Gujarat.

“Though farmers in Rajasthan have shifted to better remunerative crops such as rape seed and guarseed, better realisation has attracted many Gujarat farmers. The area covered in Gujarat has increased 10-15 per cent,” said Faiyaz Hudani, research associate, Kotak Commodities.

Yield may rise to 480 kg per hectare (380 kg/ha). Extreme cold weather last month in Rajasthan may reduce the yield by 20-30 per cent, however, the current weather condition is favourable for the crop, he added.

The demand for jeera ranges between 1.80 lt and 20 lt.

“We expect the demand to be 1.90 lt in 2008. Demand will be firm due to stockist interest and significant export,” he said. The consumption may increase 13 per cent to 1.65 lt (1.45 lt) in 2008 supported by a fall in prices. New crops have hit the market, but their quality is a cause for concern.

Exports

The area under jeera cultivation in Syria, Iran and Turkey, the major producers, have fallen substantially besides lower inventory. The three countries export 90 per cent of their produce.

India consumes 90 per cent of its production. “Area under Jeera cultivation is expected to be low in Iran and Turkey as farmers have shifted to wheat and barley due to better price realisation. Export may remain flat at about 25,000 tonnes (26,000 tonnes) in 2008,” said Kotak Commodity report. The rupee-dollar volatility may hamper exports.

Price trend

A steep rise of 52 per cent in the closing stocks will exert pressure on the price line. The inventory in 2008 is expected to be 64,354 tonnes.

Chilli, Jeera Hit Upper Circuit

Mumbai: Buoyed by the tight supply at the Guntur spot markets, chilli futures on NCDEX hit the upper circuit at 3.67 per cent to Rs 4,185 per quintal. Budget 2008-09

Jeera also hit the upper circuit of two per cent at Rs 9,527 per quintal on improved buying activities in spot markets. Robust export demand on the back of thin supply propped up pepper futures by 1.2 per cent to Rs 15,780 per quintal.

Rape and mustard seed and maize prices increased 0.62 per cent each to Rs 587 per 20 kg and Rs 814 per quintal. Fresh buying on firm spot market coupled with strong export demand in the market boosted maize prices while RM seed recovered on speculative buying supported by strong fundamentals.

Barley futures dipped 0.89 per cent to Rs 1,022 per quintal on long liquidation after the recent rally. Chana for March delivery shed 0.82 per cent to Rs 2,799 per quintal on profit taking as spot prices remained weak across major markets. Kapas was down 0.62 per cent at Rs 512 per 20 kg on profit taking and weak global markets.

On MCX, potato futures were close to the upper circuit at 1.99 per cent to Rs 640 per quintal on stockiest buying.

MCX recorded a turnover of Rs 5,547 crore up to 5 pm on Thursday while it was Rs 2,498 crore.

Gold futures ease

Reuters reports: Gold futures opened down on Thursday as foreign markets took a breather from the previous day’s records, but analysts said it could aim for fresh highs owing to the the weak outlook for the US economy.

“Gold may go down a bit and then come up again,” said an analyst at IL&FS Investsmart Commodities Ltd.

Overseas gold was slightly lower than the previous day, but still very much in sight of its record $964.70 an ounce reached the previous day.

A technical analyst Mr Aurobinda Prasad at Karvy Comtrade Ltd said the April gold contract on the Multi Commodity Exchange of India Ltd could aim for Rs 12,350 per 10 gm if it manages to stay above its support of Rs 12,170.

April gold on MCX touched its all-time high of Rs 12,291 on Wednesday.

Open interest for April gold was at 11,319 lots, up from the previous day’s 11,277. Volume on Wednesday was at 53.81 kg.

Jeera Futures Down 3%

Mumbai: Jeera futures on NCDEX fell nearly 3 per cent to Rs 10,191 per quintal as new crop arrived from Gujarat and Rajasthan.

“Stockist will seen offloading their old stock as they expect prices to fall further in the coming weeks,” said an analyst.

After hitting the all-time high of Rs 3,059 per quintal on Wednesday, turmeric lost 2.32 per cent at Rs 2,950 per quintal on profit booking. Chilli futures fell 2.33 per cent to Rs 3,860 per quintal as arrivals increased to 20,000 bags from 8,000 bags yesterday. Rise in monthly open market sale quota by the government, pushed up sugar for March delivery by 1.75 per cent to Rs 1,407 per quintal. Moreover, mills in Uttar Pradesh started crushing.

Soya gains

Soyabean for March delivery tracked the bullish international markets, gained 1.68 per cent to Rs 2,180 per quintal, while soyoil rose 1.03 per cent to Rs 616 per 20 kg.

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Chana jumped 0.67 per cent to Rs 2,540 per quintal on cold weather concerns.

MCX recorded a turnover of Rs 6126 crore up to 5 pm, while it was Rs 2,822 crore in NCDEX on Friday.

Jeera Hits Lower Circuit

Mumbai: Jeera futures on NCDEX hit the lower circuit in a volatile trading on Monday. Most of the commodities closed in the red.

Jeera dipped 5.65 per cent at Rs 10,715 per quintal as the fresh crop is all set to hit the market.

Chilli drops

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Chilli futures gave in 3.87 per cent at Rs 3,600 per quintal on higher production estimate of 13 lakh tonnes (10.5 lakh tonnes) and expectations of new arrivals. Possibility of a fall in demand from poultry farmers pulled down soyabean and maize futures by 2.07 per cent and 3.31 per cent at Rs 2,011 per quintal and Rs 773 per quintal. MCX recorded a turnover of Rs 5,109 crore up to 5 pm, while it was Rs 2,760 crore in NCDEX.