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18-Apr2011

Turmeric Futures Edge Lower On Arrival Pressure

Turmeric futures edged lower due to sluggish domestic demand and on arrival pressure from the fresh crops as per trade estimates, around 50% of new crop have been dumped to the market and further 50% are likely to arrive by May end. Meanwhile, as per trade sources farmers are bringing more and more produce to market as they are expecting prices might go further down which is pressurizing the prices.

The contract for April delivery was trading at Rs 9,442.00, down by 3.99% or Rs 392.00 from its previous closing of Rs 9,834.00. The open interest of the contract stood at 3140 lots.

The contract for May delivery was trading at Rs 8,720.00, down by 2.74% or Rs 246.00 from its previous closing of Rs 8,966.00. The open interest of the contract stood at 12,390 lots on NCDEX.

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