Commodity Online
MUMBAI: Owing to a drop in arrivals in spot market, spices Futures opened on a higher note on Thursday.

Lack of rains in the producing states of Andhra Pradesh and Tamil Nadu, which delayed cultivations, forced the Turmeric Futures open higher. According to analysts, the fears of a downward trend in acreage may further push up the prices.

In case of jeera, the Futures market opened higher on an expected low crop output in Syria and Turkey, which is boosting export demand analysts said. Moreover, lack of rains in Gujarat may also affect the crop.

The country exported about 6,500 tonnes in April-May, compared with 2,180 tonnes a year ago.

India is the world’s largest Jeera producer and exporter. Syria and Turkey are two of the largest producers and exporters and lower crop there may help Indian exporters.

Low rainfall in Kerala’s Idukki and Wayanad districts spurred fears of a low output and the Indian Pepper Futures moved up.

Kerala, the largest producer, received 28 per cent lower rainfall during June 1-July 2, compared with its long-term average.

However, sluggish export demand tracking fresh arrivals in Indonesia and Brazil, may restrict the gains.

Chilli futures rose in early trade for seventh day on export demand from Sri Lanka and scarce rains in Madhya Pradesh, a major producer, which may Lead to lower acreage.

Last week also the trend was similar in Indian Futures.
Turmeric Futures touched new highs last week tracking a firm spot market.

Jeera Futures also witnessed a similar trend. Overall, weather was the crucial factor in changes in the spices prices.

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