Turmeric Futures Recuperate From Lows (25-Jan-2012)
Turmeric futures recuperated from lows as lower level buying activities were reported in the spot market. However, higher production prospects and better stocks could keep pressure on the market sentiments as markets trade with high volatility. The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - 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 4612.00, up by 0.22% or Rs 10.00 from its previous closing of Rs 4602.00. The open interest of the contract stood at 10430 lots.
The contract for May delivery was trading at Rs 4480.00, up by 0.09% or Rs 4.00 from its previous closing of Rs 4476.00. The open interest of the contract stood at 4965 lots on NCDEX.
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