BARGAIN BUYING PUSHES UP TURMERIC SECOND DAY
DATE: 03/05/2012
Indian turmeric futures extended the gains for the second day on short covering at lower levels. The NCDEX turmeric for the May delivery ended the last day up by Rs 42 or 1.19% at Rs 3518 per quintal.
In today's early trading session, the counter was traded in the range of Rs 3570-3516 and was quoting currently at Rs 3560, up Rs 42 or 1.19% over the last day. The open interest in the counter dipped 1.29% to 30,805 tonnes, indicating short covering and the volume traded as of now stood at 2,820 tonnes.
Technically, the counter is likely to find resistance at Rs 3610, Rs 3660 while support is at Rs 3470, Rs 3,450 per quintal.
Traders attributed the rise in turmeric futures to low-level buying by speculators but increased supplies in the market and hopes of higher production in the year limited the gains..
In today's early trading session, the counter was traded in the range of Rs 3570-3516 and was quoting currently at Rs 3560, up Rs 42 or 1.19% over the last day. The open interest in the counter dipped 1.29% to 30,805 tonnes, indicating short covering and the volume traded as of now stood at 2,820 tonnes.
Technically, the counter is likely to find resistance at Rs 3610, Rs 3660 while support is at Rs 3470, Rs 3,450 per quintal.
Traders attributed the rise in turmeric futures to low-level buying by speculators but increased supplies in the market and hopes of higher production in the year limited the gains..
POWERED BY: COMMODITY INSIGHTS
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