Turmeric Futures Prolong Their Bullish Run (14-Feb-2012)
Turmeric futures continued their bullish run as speculators enlarged their position on rising demand of the commodity in the spot market. However, higher production prospects and better stocks may provide a ceiling to the gains of the commodity, going in the medium term. The total production this year is expected to touch 75-85 lakh bags higher than the 65-70 lakh bags in 2010-11. Higher acreage from the high rates is stated the reason for the rise in expected production.
The contract for April delivery was trading at Rs 5,200.00, up by 1.44% or Rs 74.00 from its previous closing of Rs 5,126.00. The open interest of the contract stood at 13335 lots.
The contract for May delivery was trading at Rs 5,020.00, up by 94.00% or Rs 94 from its previous closing of Rs 4,926.00. The open interest of the contract stood at 5215 lots on NCDEX.
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