TURMERIC FUTURES CONTINUE TO GAIN MOMENTUM ON VALUE BUYING
DATE: 03/05/2012
Turmeric futures continued to gain momentum on value 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. Although the near term for the commodity looks volatile, however, holding of stocks by stickiest amidst expectation of rising export demand at lower levels, has supported the price of commodity from past three trading sessions.
The contract for May delivery was trading at Rs 3528.00, up by 0.28% or Rs 10.00 from its previous closing of Rs 3518.00. The open interest of the contract stood at 31260 lots.
The contract for June delivery was trading at Rs 3650.00, up by 0.27% or Rs 10.00 from its previous closing of Rs 3640.00. The open interest of the contract stood at 18865 lots on NCDEX.
POWERED BY: SMC ONLINE NEWS
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