MUMBAI, Sept 29 (Reuters) - Indian jeera futures opened weak on Tuesday as little revival in exports and overall weakness in the entire spices complex weighed on prices, analysts said.
At 10.44 a.m., benchmark October jeera NJEV9 was down 0.35 percent at 11,281 rupees per 100 kg.
Losses were, however, limited by dry weather in growing areas along with firm spot demand, analysts said.
Dry weather in the past couple of weeks poses a risk to the crop, which will be sown later this year due to inadequate irrigation and soil moisture content.
Spot demand is firm due to the ongoing festival season, analysts said.
PEPPER
Indian pepper futures opened weak as the new crop from Brazil weighed on sentiment, analysts said.
At 10.49 a.m., benchmark October pepper NPEV9 was down 0.7 percent at 13,944 rupees per 100 kg.
Fundamentals, however, remain bullish on reviving exports, low stocks and robust spot demand, analysts said.
Decreasing price gap with leading global producers of the spice has led to export interest trickling back to India, they added.
TURMERIC:
Turmeric futures fell on profit-taking prompted by expectations of a rise in production this year, but depleting stockpiles, good domestic and overseas demand restricted the downside, analysts said.
India's turmeric output in 2009/10 is likely to spike as area under the spice expanded and August rains ensured yields would be near normal despite spotty rains in June-July, traders and exporters said.
At 10:50 a.m., the October contract NTMV9 was down 0.53 percent at 7,660 rupees per 100 kg.
Turmeric exports rose by 25 percent on year in August, Spices Board said last week.
Demand for spices usually goes up during August to October, the country's peak festival season.
Traders said stocks were inadequate as output fell sharply last year due to lower acreage.
Source : REUTERS