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India pepper, turmeric seen up on thin stocks, demand.


Date: 10-11-2009
Subject: India pepper, turmeric seen up on thin stocks, demand
MUMBAI, Nov 10 (Reuters) - Indian jeera futures are seen opening steady on Tuesday as support from firm export demand may be offset by profit-taking during the day, analysts said.

Jeera exports in September nearly tripled to 6,000 tonnes from the same period a year ago as leading global producers Syria and Turkey continue to quote at a premium to Indian prices.

Profit-taking may be triggered by reports of favourable weather in growing areas in the coming days, analysts said.

The benchmark December contract NJEZ9 ended up 0.01 percent at 13,397 per 100 kg the previous session.

PEPPER

Indian pepper futures are expected to open up on thin stocks and domestic demand, analysts said.

However, profit taking and the Brazilian crop which is quoting lower and attracting international demand may hurt sentiment during the day, they said.

The bechmark December pepper NPEZ9 ended down 0.74 percent at 14,973 rupees per 100 kg in the previous session.

TURMERIC:

India's turmeric futures, which hit new highs in the previous session and trading in a sharp discount to spot prices, are likely to extend the gains to set new peaks, buoyed by good spot demand and lower stocks, analysts said.

Stocks were low as last year's output had fallen sharply due to low acreage and adverse weather.

The benchmark November turmeric NTMX9 ended up 2.32 percent 11,435 rupees per 100 kg in the previous session.

Higher margin imposed by the exchange may prompt profit-taking in later half, they said.

Source : REUTERS


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