Turmeric Futures Edge Lower On Weak Export Demand (28-Jun-2012)
Turmeric futures declined for the second day in a row due to weak export demand against adequate stocks position in the physical market. Turmeric supplies have been about 4,000 bags to 5,000 bags of 70 kg each at the Nizamabad market as compared to 2,000 bags daily in the same period a year ago. However, reports stating lower sowing, is expected to provide some support to the commodity in the near term future. Lower sowing is expected as farmers are likely to cut the area under turmeric this season because prices have fallen more than 30 percent since the start of the year. Turmeric is planted between June and August and takes about nine months to harvest.
The contract for July delivery was trading at Rs 4,270.00, down by 0.79% or Rs 34.00 from its previous closing of Rs 4,304.00. The open interest of the contract stood at 38880 lots.
The contract for August delivery was trading at Rs 4,252.00, down by 0.56% or Rs 24.00 from its previous closing of Rs 4,276.00. The open interest of the contract stood at 29870 lots on NCDEX.
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