Turmeric Off High On Profit Taking

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Turmeric futures eased from the six weeks high in Wednesday’s trading day on profit sales. The NCDEX turmeric May delivery ended the day at Rs 6908, down Rs 64 or 0.92% from last close.

The peak arrivals limited the upside in the Yellow spices. Traders are expecting total turmeric production in the range of 40-45 lakh bags against 70 lakh bags of the previous year. April -June is the normal procurement season of all the processing companies as arrivals reach to their peak during mid April. Lesser production estimate from the nation’s largest producers, good demand for Turmeric in the forthcoming months and also expected less stock held at major production centers as per trade source will help the price to rule around higher side in long run. During April-December 2013, India exported a total quantity of 58,000 tonnes of turmeric valued Rs. 463.79 crore, up 17% in volume and 45% in value terms over same period last year.

Turmeric futures touched six weeks high level on Wednesday, with the counter surging almost Rs 970 or 15.78% per quintal from contract low in nearly ten trading sessions, after falling 19% on inflow of crop arrivals. The counter off high of Rs 7086 and ended the day at Rs 6908, down Rs 64 or 0.92% from last close. The open interest pared 525 tonnes to 9,675 tonnes, indicating profit taking.

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