MUMBAI, March 25 (Reuters) - Indian turmeric futures are likely to extend losses on Wednesday on profit-taking driven by rising arrivals in physical markets, analysts said.
But good demand from stockists in spot market amid lower supplies estimates for 2009, may limit the losses, they added.
Thin carryover stocks from last year, along with a lower projected output, may result in a 16 percent drop in supplies to 4.55 million bags of 70 kg each from a year ago, a Reuters poll of six top traders and exporters showed last month.
The benchmark April contract NTMJ9 ended 3.95 percent lower at 4,913 rupees per 100 kg.
India's turmeric exports in the first eleven months of fiscal 2008/09 climbed 10.5 percent to 49,000 tonnes, the Spices Board said on Tuesday. See [ID:nBOM342800]
JEERA:
India jeera futures may extend losses pressured by higher arrivals and continued profit-taking, analysts said.
But expectations of a crop shortfall this season may limit the downside, they said.
Adverse weather during the harvest season and a subsequent crop shortfall are seen pulling down India's 2009 production by 15 percent, a Reuters poll of six top traders and exporters showed.
Source : REUTERS INDIA