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The market analysts have said that Indian jeera futures are likely to open higher on low arrivals in the physical market and fresh domestic demand ahead of festivals.
Almost 1,500 bags of jeera with 70 kg each have arrived in the physical market while demand was about 2,500 bags as per the estimate of the analysts.
The benchmark October contract NJEV8 ended at 12,245 rupees per 100 kg, up 1.56 percent the previous session.
The analysts also said that the future of chilly may extend gains as demand improved from domestic and overseas buyers amid scarcity of quality production.
Domestic and export demand usually increases ahead of Ramadan, the Muslim fasting month, which begins in early September. The traders said that the demand from Pakistan and Bangladesh is expected to increase this year due to an output shortfall there. The October contract NCBV8 ended up 0.84 percent at 5,652 rupees per 100 kg on Thursday.
The analysts predicted a bit lower on sluggish demand of Turmeric futures in the physical market due to a recent spell of monsoon rains in the main growing region.
The October contract NTMV8 ended down 2.12 percent at 3,965 rupees per 100 kg on Thursday. The contract had fallen more than 18 percent in the last 18 sessions.
Indian pepper futures are also expected to open weak on sluggish export demand and good rainfall in major growing regions, the analysts said.
However, they added that tight supply situation in the physical market may restrict the losses. The benchmark October contract NPEV8 ended at 14,761 rupees per 100 kg, down 0.83 percent from the previous session.
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Posted On : 22 Aug 08
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