NCDEX turmeric hits upper circuit on rising demand

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MUMBAI (Commodity Online): Turmeric futures surged Monday on lower level buying by the traders due to rising demand in the domestic markets.

At NCDEX turmeric December contract hits upper circuit in the afternoon trade at Rs.4592 per quintal, higher by 4.03 per cent against the previous close.

In the morning session the contract traded at a range of Rs.4386-4592 per quintal. Open interest of the contract is 15835 lots and volume traded is 6030 lots for the time being.

Turmeric production for the year 2011-12 is projected at historical high of 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010- 11. Erode is expected to produce45 lakh bags of Turmeric a rise of 29% as compared to previous year.

According to Spices Board of India, exports of Turmeric during April 2011- September 2011 stood at 41,500 tonnes as compared to 28,500 tonnes in 2010-11, rise of 46%.

Source: http://www.commodityonline.com/futures-trading/market-report/NCDEX-turmeric-hits-upper-circuit-on-rising-demand-26256.html

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