Turmeric futures gain traction on short covering

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Feb 01, 2012

Turmeric futures gained traction on the back of short covering led by the rising demand in the domestic as well as overseas markets. According to trade sources, exporters are buying good amount of fresh crop, which are supporting the prices of the commodity. However, farmers might increase supply at spot market to 10,000 bags from next week which might weigh on prices in near term.

The contract for April delivery was trading at Rs 4696.00, up by 1.47% or Rs 68.00 from its previous closing of Rs 4,628.00. The open interest of the contract stood at 10680 lots.

The contract for May delivery was trading at Rs 4518.00, up by 0.98% or Rs 44.00 from its previous closing of Rs 4,474.00. The open interest of the contract stood at 4760 lots on NCDEX.

Source: NIRMAL BANG

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