Indian pepper futures opened down on low export demand and hopes of a higher output, analysts said.
Pepper exports from India during the April-October period fell 35 percent to 14,750 tonnes as the credit crunch hit major importers, according to the Spices Board.
However, tight supplies and low warehouse stocks ahead of fresh arrivals in Decemeber may restrict losses in the short-term, they said.
At 10:45 a.m., the benchmark January contract NPEF9 was at 11,072 rupees per 100 kg, down 2.01 percent.
TURMERIC:
Turmeric futures also opened lower on expectations new crop will hit the market almost a month in advance and concerns a large quantity of old crop may be dumped in the market ahead of the fresh arrivals, analysts said.
However, low inventories may restrict losses, they said.
Turmeric carryover stocks for 2009 are seen at 500,000 bags, down 58 percent from last year's 1.2 million bags, due to lower output in 2007/08, traders said last month.
At 10:46 a.m., the benchmark December contract NTMZ8 was down 0.03 percent at 3,875 rupees per 100 kg.
CHILLI:
Chilli futures opened weak on profit-taking and tracking weakness in other spices, analysts said.
However, fears of a lower output in 2008/09 as acreage under the spice falls may cap the losses, they said.
The lack of good quality chilli coupled with brisk demand from local and overseas buyers may also boost sentiment, they said.
At 10:48 a.m., the December contract NCBZ8 was down 0.62 percent at 5,438 rupees per 100 kg.
JEERA:
Jeera futures opened up on short-covering and low stocks in warehouses, analysts said.
However, weak demand and expected higher production may cap the gains, they said.
Jeera exports fell 18.5 percent in October due to low overseas demand as a fallout of the global economic slowdown, according to the Spices Board.
Output is likely to rise 10-15 percent in 2008/09 as farmers have increased the acreage under jeera due to better price realisations last year, said an analyst.
AT 10:49 a.m, benchmark January jeera NJEF9 was at 10,415 rupees per 100 kg, up 0.48 percent.
Source : Reuters India