| Date: |
06-04-2010 |
| Subject: |
Turmeric down on profit-taking; may extend losses |
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MUMBAI: India turmeric futures were weak on Monday on higher output and expected profit-taking after prices rose about 44 percent from the beginning of March on robust demand, analysts said.
Analysts said the contract may trade weak for another session.
India's turmeric production in 2009/10 is likely to rise 9.41 percent to 4.65 million bags as farmers lured by higher prices increased acreage, a Reuters poll of seven traders and exporters showed.
"Export and domestic demand has been supportive for rise in turmeric prices," said Karvy Comtrade Ltd in a broker note.
Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March. The peak season runs till June.
Turmeric exports in January 2,010 stood at 3,250 tonnes, down 22.61 percent from a year ago, according to data from the Spices Board.
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 : The Economic Times
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