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Turmeric Futures Gain On Short Covering

Turmeric futures shot up in trade owing to short covering coupled with strong domestic demand in the physical markets. However, higher production estimation continued to capture the sentiments. Production is expected on the higher side due to increased acreage of cultivation due to good monsoon. Production in 2011 is expected around 65-70 lakh bags compared with 45 lakh bags in the last year

The contract for April delivery was trading at Rs 9,540.00, up by 1.04% or Rs 98.00 from its previous closing of Rs 9,442.00. The open interest of the contract stood at 2,660 lots.

The contract for May delivery was trading at Rs 8,950.00 rose by 2.83% or Rs 246.00 from its previous closing of Rs 8,704.00. The open interest of the contract stood at 13,105 lots on NCDEX.

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