| Date: |
02-05-2011 |
| Subject: |
Yellow Spice Likely To Extend Losses On Weak Demand, Higher Output |
|
Vanishing export demand and higher production estimation added bearish sentiments in the turmeric market. Turmeric production in 2011 is estimated around 65 lakh bags against 45-48 lakh bags last year (Each bag=70Kg.).
As per the latest release from the Spices Board of India, Exports of turmeric was down around 9% to 42,500 tonnes with value of exports was up by 78% to Rs. 608.85 crores, During April-February 2010-11.
Turmeric for the May delivery ended the last day lower by 1.08% at Rs. 8830 after moving in the range of Rs. 8910- 8792 and the open interest added 2.40% to 14290 tonnes. Turmeric is likely to ease further with support at Rs. 8740, Rs. 8610 and resistance at Rs. 8910, Rs. 9000 level.
Source : indiainfoline.com
|