Most Indian spices futures opened higher on Monday on good export demand, while chilli futures hit their upper circuit after a fire in Guntur, Andhra Pradesh, gutted stocks, analysts said.
CHILLI:
Chilli futures rose by the maximum daily limit of four percent in morning trade due to a fire in the Guntur, the biggest spot market for the commodity in India, which destroyed huge stocks, analysts said.
The fire on Saturday gutted about 200,000 bags of chillies of 40 kg each, a senior district police official said.
At 10:50 a.m., the June contract was at 5,115 rupees per 100 kg, up 4 percent. Good export demand and a shortfall of premier quality produce in the spot market were also supporting prices.
PEPPER:
Indian pepper futures opened up on low arrivals and export demand as Indian prices have cooled to Vietnam levels, analysts said.
Vietnam is the world’s largest pepper producer and exporter, while India is the second largest.
At 10:45 a.m., the benchmark June contract on the National Commodity and Derivatives Exchange (NCDEX) was trading at 14,678 rupees per 100 kg, up 0.9 percent.
JEERA:
Indian jeera futures opened higher on rising export demand from the Middle East and on expectations of a lower crop in Syria, the world’s second largest producer and exporter, analysts said.
At 10:50 a.m., the July contract on NCDEX was trading up 2.6 percent at 11,448 rupees per 100 kg.
TURMERIC: Turmeric futures were trading up in opening trade on lower output estimates due to shrinking acreage, analysts said.
Sharp rise in chilli prices also supported turmeric futures, they said.
At 10:50 a.m., the June contract was up 0.93 percent at 3,255 rupees per 100 kg. However, rising arrivals in peak harvesting season were restricting the upside.