MUMBAI: India's turmeric futures rose nearly 2 per cent by midday on Tuesday on fresh-buying driven by encouraging domestic demand and depleting stocks, analysts said.
"Volumes are good in April contract. Traders are bullish on prices. Off-take is good in physical market on anticipation of higher prices," said Vandana Bharti, senior analyst at SMC Comtrade.
At 2:54 p.m., the benchmark April turmeric was up 1.55 per cent at 11,275 rupees per 100 kg.
In Nizamabad, a major spot market in Andhra Pradesh, the price dropped 243 rupees to 11,651 rupees after rising 12 per cent since March 17.
Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March.
The peak season runs till June. Turmeric exports in January 2010 stood at 3,250 tonnes, down 22.61 per cent from a year ago, according to data from the Spices Board.
Cumin: India's cumin futures continued to trade higher, supported by seasonal demand, falling stocks and a decline in arrivals, analysts said.
"Domestic demand is picking up. Stocks are declining.... Cumin prices should move up gradually," said an analyst from a Delhi-based brokerage.
At 2:54 p.m., the benchmark April cumin contract was up 0.36 per cent at 12,168 rupees per 100 kg.
At Unjha, the benchmark market, the price gained 28 rupees to trade at 11,972 rupees per 100 kg.
PEPPER: India pepper futures were higher in the afternoon trade on firm domestic demand and weak arrivals in the physical market as farmers held on to their produce for better prices, analysts said.
"Market is moving up on technical buying. Demand is gaining pace in the domestic market, supporting prices," said an analyst from SMC Comtrade.
At 2:52 p.m., the benchmark April pepper contract was up 1.27 per cent at 14,550 rupees per 100 kg.
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