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13-Apr2011

Turmeric Futures Succumb To Selling Pressure

Turmeric futures succumbed to selling pressure after witnessing massive gains past three consecutive sessions. The expectation of higher produce of the commodity this year amidst lower stocks and lower exports weighed on its prices as the turmeric production in the year 2010-11 is estimated to be at 69 lakh bags (1 bag = 70 kgs) compared to 48 lakh bags during the previous year.

The contract for April delivery was trading at Rs 10232.00, down by 0.93% or Rs 96.00 from its previous closing of Rs 10328.00. The open interest of the contract stood at 4650 lots.

The contract for May delivery was trading at Rs 9310.00, down by 1.02% or Rs 96.00 from its previous closing of Rs 9406.00. The open interest of the contract stood at 11800 lots on NCDEX.

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