| Date: |
01-06-2011 |
| Subject: |
Turmeric Futures Scale New Contract Lows on Fragile Export Demand |
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The NCDEX turmeric futures extended their losses in the last trading session on the back of weak demand by traders and exporters. The Benchmark May contract on NCDEX wilted by more than 2% today.
As per the latest release from the Spices Board of India, turmeric exports fell 3% to 49,250 tonnes during the April to March 2010-11.
Moreover, the total carryover stocks of turmeric in the current year are likely to be projected at 15-17 lakh bags (1 bag = 60 kgs) against 4-5 lakh bags that were reported last year. This was mainly due to strong production in the current year.
The NCDEX June Benchmark contract touched its new contract lows today to trade at Rs. 7442 per quintal.
Source : indiainfoline.com
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