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09-May2011

Turmeric Futures Bounce Back Owing To Short Covering

Turmeric futures shot in trade owing to the short covering by the investors at technically oversold zone. However, the reports of higher produce of turmeric restricted the commodity gains. As per trade sources, turmeric production in 2011 is estimated around 65 lakh bags against 45-48 lakh bags last year (Each bag=70Kg).

The contract for May delivery was trading at Rs 8524.00, up by 0.64% or Rs 54.00 from its previous closing of Rs 8470.00. The open interest of the contract stood at 12185 lots.

The contract for June delivery was at Rs 8400.00., up by 0.46% or Rs 54.00 from its previous closing of Rs 8354.00. The open interest of the contract stood at 7170 lots on NCDEX.

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