| Date: |
05-02-2011 |
| Subject: |
India Turmeric Futures Fall On Arrivals |
|
India's turmeric futures closed lower on Friday as rising supplies from the fresh crop weighed on sentiment, analysts said.
Supplies have been rising continuously in the spot market due to higher production after farmers expanded area under the spice.
"Arrivals pressure is weighing on market. April contract may fall below 9,000 rupees in medium term," said Chowda Reddy, senior analyst at JRG Wealth Management.
Turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags produced in 2009/10, a Reuters poll of seven traders and exporters showed.
Overseas demand has been slack as exporters expect further fall in prices in the coming days due to increasing supplies.
In April-December 2010, India's turmeric exports were 35,500 tonnes, down 13 percent, according to the Spices Board.
Spot turmeric at Nizamabad, gained 153 rupees to end at 13,344 rupees per 100 kg on some export enquiries.
Following are the closing prices of turmeric futures on the National Commodity Derivatives Exchange in rupees per 100 kg.
Contract Reuters code Closing price Change in %
Source : reuters.com
|