NCDEX turmeric remains higher on short covering


MUMBAI (Commodity Online): Turmeric futures rose Wednesday on short covering by the traders on the back of rising demand in the domestic markets.

In NCDEX turmeric April contract is trading at Rs.4572 per quintal, higher by 2.96 per cent on 14:40 IST against the previous close.

In the morning session the contract traded at a range of Rs.4450-4626 per quintal. Open interest of the contract is 10130 lots and volume traded is 7305 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- October 2011 stood at 50,000 tonnes as compared to 32,000 tonnes in 2010-11, rise of 56%. Targets set by the Spices Board have already been met till October 2011. Exports are expected to touch new historical levels in 2011-12.



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