TURMERIC FUTURES GAIN MOMENTUM ON BARGAIN BUYING
DATE: 02/05/2012
Turmeric futures gained momentum on bargain buying, as the prices of commodity have fallen significantly over last few session due to high arrivals in the mandis. The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acreage from the high rates is apparently the reason for the rise in expected production.
The contract for May delivery was trading at Rs 3520.00, up by 0.34% or Rs 12.00 from its previous closing of Rs 3508.00. The open interest of the contract stood at 31540 lots.
The contract for June delivery was trading at Rs 3640.00, up by 0.61% or Rs 22.00 from its previous closing of Rs 3618.00. The open interest of the contract stood at 18900 lots on NCDEX.
POWERED BY: COMMODITY INSIGHTS
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