TURMERIC FUTURES EDGE LOWER ON PROFIT BOOKING
DATE: 23/04/2012
Turmeric futures, edged lower as speculators continue cashed 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 May delivery was trading at Rs 3642.00, down by 1.41% or Rs 52.00 from its previous closing of Rs 3694.00. The open interest of the contract stood at 31185 lots.
The contract for June delivery was trading at Rs 3750.00, down by 1.32% or Rs 50.00 from its previous closing of Rs 3800.00. The open interest of the contract stood at 14720 lots on NCDEX.
POWERED BY: COMMODITY INSIGHTS
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