TURMERIC FUTURES SUCCUMB TO PROFIT BOOKING
Date: 13/04/2012
Turmeric futures, prolonged its southbound journey as speculators continue cash out profits on the back of higher arrivals from the fresh crop amid ample supply of Turmeric in spot markets. 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.
However, the trend of the commodity continues to remain bearish as traders expect further fall in rates for the commodity till demand picks up, though some short covering can always be possible at these lower levels. Nevertheless, even holding of stock by Stockists however could support the rates in coming weeks.
The contract for April delivery was trading at Rs 3434.00, down by 0.69% or Rs 24.00 from its previous closing of Rs 3458.00. The open interest of the contract stood at 13410 lots.
The contract for May delivery was trading at Rs 3520.00, down by 0.56% or Rs 20.00 from its previous closing of Rs 3540.00. The open interest of the contract stood at 25185 lots on NCDEX.
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