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India spices seen openingweak on output, arrivals.


Date: 01-02-2010
Subject: India spices seen openingweak on output, arrivals

MUMBAI, Feb 1 (Reuters) - India's jeera futures are seen opening weak on Monday as higher output estimates this season due to favourable weather conditions in the growing regions are seen weighing on sentiment, analysts said.

Low export demand will also keep prices under pressure, they said.

Arrivals are expected to start in the next few days, and peaking by March-April.

Jeera exports in November dipped to 4,000 tonnes from 4,500 tonnes in the previous year.

Prices have fallen over 20 percent in January on worries about higher production this season.

The benchmark February jeera contract NJEG0 ended up 1.51 percent at 11,849 rupees per 100 kg in the previous session.

PEPPER:

Indian pepper futures are seen opening steady as pressure from new arrivals may be offset by low-level buying, they added.

India's pepper output in 2010 is expected around last year's levels, but prices are unlikely to fall sharply in coming months due to low carry-over stocks, a Reuters poll of eight traders, exporters and analysts showed.

 The benchmark February pepper contract NPEG0 ended up 0.16 percent at 13,518 rupees per 100 kg in the previous session.

TURMERIC:

India's turmeric futures are likely to trade weak in the initial hours of trading, weighed by estimates of higher output, rising arrivals and weak exports, analysts said.

The April turmeric contract ended down by 3.99 percent at 6,946 rupees per 100 kg in the previous session.

Turmeric exports in December remained flat at 3,250 tonnes from 3,350 tonnes a year ago.

Arrivals usually start in mid-January in small quantities. It gains momentum from March and continues through June.

Source : REUTERS


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