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  Pepper extends gains; jeera, turmeric down
http://www.economictimes.indiatimes.com/ 07062010
MUMBAI: India pepper futures extended gains on Monday afternoon on supply shortage in the domestic market amid firm domestic demand, analysts said.
The most active July pepper contract on the National Commodity and Derivative Exchange (NCDEX) was trading 0.24 per cent higher at 17,678 rupees per 100 kg, after gaining 0.2 per cent on Saturday.

"Supply is very less in the domestic market, as traders are holding back stocks on hopes of higher prices," said Chowda Reddy, senior analyst with JRG Wealth Management. "Outlook is bullish in the medium term and it may test 20,000 rupees," said Reddy.

India's pepper output in 2010 is expected at around last year's levels, but prices are unlikely to fall sharply in coming months due to low carry-over stocks, a Reuters poll of eight traders, exporters and analysts showed.

JEERA: India jeera futures extended previous day's losses on Monday afternoon weighed by continued profit-taking after prices rose more than 10 per cent in the 10 sessions till Thursday. The most-traded July jeera contract was trading 0.29 per cent lower at 12,572 rupees per 100 kg, extending its 0.7 per cent losses incurred on Saturday.

Analysts said supplies are being squeezed as stockists are holding back stocks on hopes of better prices later, keeping the downside limited. "Export demand is not that strong and traders are forced to hold back stocks as it is a lean season, it may extend losses to 12,200 rupees levels," said Reddy.

TURMERIC: India turmeric eased on Monday from their previous day's high on hopes of a revival in monsoon, which is likely to boost sowing. The most-active turmeric contract was trading 0.74 per cent lower at 14,128 rupees per 100 kg. Monsoon rains have advanced to almost all oilseed-growing regions in central and western India, and may cover the entire country in 3-4 days, the weather office said on Sunday, cheering farmers and policy makers.

"Sowing is good and demand has come down," said prices may fall below 14,000 rupees this week," said JRG's Reddy. Turmeric cultivation usually starts in the last week of May and continues till August and a lengthy harvesting process begins from January. Turmeric exports in April 2010 gained 13 per cent to 5,300 tonnes on year, the Spices Board said.

Other Headlines
Pepper extends gains; jeera, turmeric down
Turmeric, jeera decline on subdued demand
Jeera weakens on sluggish demand
                
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