India turmeric falls on stocks

0
310

Dec 12 (Reuters) – Indian turmeric futures fell on Thursday on due to mounting stocks while the approaching new season supply amid lower-than-expected demand weighed on sentiment.

* The most-actively traded turmeric contract for April delivery was down 1.16 percent at 5,790 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 1029 GMT.

* “Stocks¬†are higher and supplies are expected to increase from January-February but demand is not picking up as expected. Overseas inquiries are also below expectations,” said Suresh Chowdhary, a trader from Nizamabad, a key market in Andhra Pradesh state.

* Turmeric cultivation usually begins in the last week of May and continues until August. A lengthy harvesting process starts from January.

* Spot turmeric edged up 6 rupees to 5,183 rupees per 100 kg in Nizamabad.

Source:  Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here