Tuesday, 10 January 2012

Turmeric Future Tips

Turmeric futures likely to open lower on Wednesday on higher stocks from the fresh crop amid higher production concerns. Rising supply of the commodity in the domestic markets also may pressurize the futures.

In NCDEX on Tuesday, turmeric April contract ended down 0.90% at Rs.4640 per quintal against the previous close.
Turmeric prices in the intraday are expected to trade sideways due to lacklustre demand from the domestic buyers. However, any reports of fresh overseas enquiries might support Turmeric prices, according to Angel Commodities.

According to Spices Board of India, exports of Turmeric during April 2011- October 2011 stood at 50,000 tonnes as compared to 32,000 tonnes in 2010-11, rise of 56%. Targets set by the Spices Board have already been met till October 2011. Exports are expected to touch new historical levels in 2011-12.

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