The Hindu Business Line : Spices futures recover on tight supply

NEW DELHI: Most spices on Thursday were back in positive territory to trade a shade higher on the National Commodity and Derivatives Exchange on speculators buying, triggered by lower arrivals in the physical markets.

Jeera, the most-active October contract traded Rs 70, or 0.5 per cent higher at Rs 10,640 per quintal at the NCDEX on expectations of pick-up in export demand, following lower output in other major producing countries - Syria and Turkey. November contrac t moved up by Rs 52, or 0.49 per cent at Rs 10,290 a quintal. In spot trading at Unjha in Gujarat, jeera traded lower at Rs 10,912.50 a quintal. Market experts attributed rise in spice futures to lower supplies from producing belts and increased demand in the spot markets on account of ongoing festive season.

“Short-covering by speculators, driven by export and domestic demand also influenced the prices to some extent,” said a trader. Pepper for far-month November contract was up Rs 70, or 0.55 per cent at Rs 12,700 per quintal, while December delivery rose R s 75, or 0.54 per cent at Rs 12,850 per quintal largely due to tight supply in the physical markets. - PTI

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