Spices futures down on profit booking

MUMBAI: Turmeric futures were weak in the afternoon session on Tuesday on profit booking triggered by subdued demand in the spot market, analysts said. "Traders prefer to buy at lower levels. Prices have risen a lot in the last one month. Outlook for long term is positive on poor stocks and overseas inquiries," said a trader from Nizamabad, a major spot market in Andhra Pradesh.

The most active June turmeric was down 1.43 percent at 14,321 rupees per 100 kg. In Nizamabad, turmeric dropped 288 rupees at 14,842 rupees per 100 kg. Turmeric exports in February 2010 stood at 2,500 tonnes, down 19 percent from a year ago, according to data from the Spices Board.

CUMIN: India's cumin futures softened as traders opted to book profits after prices rose for five straight sessions, gaining nearly 3 percent, and on weak overseas demand, analysts said. "June contract is not likely to go below 12,100 rupees. Demand is supportive at lower levels. Stocks are very poor," said a trader from Unjha.

The most active June cumin contract was down 0.61 percent to 12,292 rupees per 100 kg. Production in 2010 is seen rising to 2.9 million bags of 60 kg each from 2.7 million bags in 2009, a poll of eight traders and exporters showed on April 19.

At Unjha, the benchmark spot market in Gujarat, cumin dropped 27 rupees at 12,657 rupees per 100 kg. cumin exports in February 2010 dropped 17 percent to 2,500 tonnes on year, the Spices Board said.

PEPPER: Indian pepper futures were down on selling pressure at higher levels driven by dull overseas demand, analysts said. The most active June pepper contract was down 1.56 percent to 16,885 rupees per 100 kg. The contract has risen more than 7 percent in the last 11 sessions.

Pepper exports in February 2010 fell 3.22 percent to 1,500 tonnes on year, the Spices Board said. Overseas demand for the Indian origin pepper is weak because prices are at a premium compared with other competing countries in the international market, said analysts. Spot pepper inched up 6 rupees to 16,739 rupees per 100 kg in Kochi, a major trading hub in Kerala.