NCDEX turmeric remains lower by 1.30% on profit booking

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MUMBAI (Commodity Online): Turmeric futures fell Friday on profit booking by the speculators on the back of subdued demand in the domestic markets. Hopes of rising production in the coming months also capped the gain of futures.

At NCDEX turmeric November contract is trading at Rs.5008 per quintal, a decline of 1.30 per cent on 15:45 IST against the previous close.

In the early sessions the contract traded at a range of Rs.5112-4974 per quintal. Open interest of the contract is 10705 lots and volume traded is 5090 lots for the time being.

IPC has predicted 2011 crop to be lower by 2% at 309,952 MT. Carryforward stocks are expected to decline marginally to 94,582 MT vs 95,442 MT. Global exports have declined by 11% to 237,650 MT. Indian production expected to decline to 48,000 MT.

Latest reports from Spice Board of India indicates the likely Pepper exports for the period April-August 2011 have risen by 12% to 8.750 MT in 2011 from 7,800 MT in 2010 same period.

Source: http://www.commodityonline.com/futures-trading/market-report/NCDEX-turmeric-remains-lower-by-1.30-on-profit-booking-25779.html

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