Turmeric Futures Succumb To Profit Booking (15-Feb-2012)
Turmeric futures after witnessing a bull run for quite few sessions have finally succumbed to profit booking. Speculators are offloading their position owing to the arrival pressure of the commodity amidst its moderate demand in the spot markets. Higher production prospects and better stocks have provided a ceiling to the gains of the commodity. 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 5,246.00, down by 1.02 % or Rs 54.00 from its previous closing of Rs 5,300.00. The open interest of the contract stood at 13890 lots.
The contract for May delivery was trading at Rs 5,060.00, down by 1.25% or Rs 64 from its previous closing of Rs 5,124.00. The open interest of the contract stood at 5890 lots on NCDEX.
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