TURMERIC FUTURES SHOOT UP ON BARGAIN BUYING
DATE: 16/04/2012
Turmeric futures rose as speculators created fresh positions, driven by pick-up in demand in the spot market. Fresh overseas enquiries also supported the rise in the turmeric price. Bottom fishing by speculators at lower level, too brought some respite to the commodity which was trading lower for quite few sessions. Higher arrivals from the fresh crop amid ample supply of Turmeric in spot markets, had kept the trend weak for Turmeric. According to a trade source, Turmeric production in Andhra Pradesh is likely to rise 36 percent to near 83000 tonnes in 2012 due to an expansion in acreage.
The contract for April delivery was trading at Rs 3462.00, up by 0.99% or Rs 34.00 from its previous closing of Rs 3428.00. The open interest of the contract stood at 9355 lots.
The contract for May delivery was trading at Rs 3560.00, up by 1.14% or Rs 40.00 from its previous closing of Rs 3520.00. The open interest of the contract stood at 26945 lots on NCDEX.
POWERED BY: MYIRIS NEWS
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