Business Standard

Turmeric futures down on higher output concerns

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Press Trust of India New Delhi

Turmeric futures prices fell sharply by Rs 196, to Rs 12,370 per quintal today, as speculators offloaded their positions amid higher output concerns and poor exports.

However, demand in the spot markets on account of festive season, limited losses.

At the National Commodity and Derivatives Exchange platform, turmeric for delivery in November fell by Rs 196, or 1.56 per cent, to Rs 12,370 per quintal, with an open interest of 11,270 lots.
    
Similarly, the spice for delivery in December also declined by Rs 166, or 1.42 per cent, to Rs 11,870 per quintal, with an open interest of 1,755 lots.
    
Market analysts higher output hopes and poor exports, mainly put pressure on the turmeric futures prices here.
   
Meanwhile, turmeric output in Andhra Pradesh, the country's top producer, is seen 40 per cent up in 2010-11 on expanded area due to favourable monsoon.
    
In April-August, 2010, turmeric exports were 22,250 tonnes, down 13 per cent from a year ago, according to the Spices Board data.

 

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First Published: Oct 25 2010 | 2:17 PM IST

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