TURMERIC SURGES ON DELAY SOWING IN MAJOR PRODUCING
AREAS
DATE: 15/06/2012
Bargain buying was seen in turmeric futures in today's trading due to slow
sowing progress of new crop in major producing states along with strong demand
by stockiest at lower levels. The NCDEX futures spurted by almost 2% today.
As per market sources , weak sowing progress of turmeric crop has been
reported so far in Tamilnadu due to paucity of rainfall along with dearth of
sowing interest in turmeric crop amongst farmers in the wake of bumper
production in the last year.
Moreover, poor reservoir condition in Andhra Pradesh districts such as
Telangana and Kadapa is also delaying the sowing of turmeric crop in the
current season.
Therefore, delay in sowing of turmeric crop in the major producing states
prompted strong demand of turmeric in futures market. The NCDEX July Benchmark
contract augmented by 56 per quintal to currently trade at R 3722 per quintal.
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