Commodity Pre-Session Turmeric Futures To Gain Further In The Near Term 25-Jan-14 09:52 Turmeric futures to remain supportive in the coming days due to weak production in the current year along with strong stockiest demand in local mandies. The NCDEX futures to test 7200-7300 levels in the near term. The prices will get some support from lower production estimate in the current year. The market sources suggested that the total production of turmeric in the current year is estimated at 52 lakh bags against 70 lakh bags that were estimated in the last year. The sources added that poor rainfall in Erode during the sowing period will reduce the total production of the turmeric crop in the current year. The lower opening stocks in major mandies will also add strong stockiest demand. As per the latest data compiled by commodityinsights , the total carryover stocks of turmeric at the beginning of the December have been reduced to 27-28 lakh bags against 42 lakh bags reported last year in the same period. This was mainly due to strong export demand in local mandies. The NCDEX April Turmeric futures added almost 1.17%
Posted on: Mon, 27 Jan 2014 04:29:25 +0000
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