Most spices open up on short-covering, demand

MUMBAI: Jeera futures opened up on Monday on lower arrivals in the physical market and fresh export demand, analysts said. At 10:15 a.m., the benchmark September contract was at 11,891 rupees per 100 kg, up 1.36 percent. TURMERIC: Turmeric futures opened higher due to short-covering driven by an expected rise in demand, analysts said. India's festival season starts from August end. Demand for spices usually increases ahead of the season. At 10:15 a.m., the October contract was up 1.07 percent at 3,863 rupees per 100 kg. The contract had fallen about 20 percent in the last fortnight. However, good rainfall in the growing region, which was conducive to the crop, was restricting the gains. CHILLI: Chilli futures opened up tailing a firm spot market and a likely rise in domestic and export demand, analysts said. A shortfall of quality produce was also supported prices. Domestic and export demand usually increases ahead of Ramadan, the Muslim fasting month, which begins in early September. At 10:16 a.m., October contract was up 0.34 percent at 5,630 rupees per 100 kg. Chilli exports in the first three months of fiscal 2008/09 rose 16.26 percent to 67,000 tonnes, the Spices Board said. PEPPER: Indian pepper futures opened lower on sluggish export demand and good rainfall in major growing regions, analysts said. Exports during the first three months of 2008/09 fell 12.2 percent to 7,550 tonnes, according to the Spices Board. At 10:19 a.m., the benchmark September contract was at 14,473 rupees per 100 kg, down 0.19 percent. -ET