Turmeric Prices Sharply Down In Futures On Profit Taking

Capital Market / 10:37 , May 17, 2010

Prices of turmeric moved lower in the early trading session in the domestic futures market as traders booked their profits and influenced by weakness in other major spices pepper, Jeera and cardamom. Turmeric known as golden spice ended the saturday's session with profits nearly two percent .
In today's early moves, turmeric futures benchmark June contract 2010 fell to the level of Rs 14514 from the high of Rs 14890 per 100 kg. The counter is now trading on a weak note at Rs 14514, down 296 or two percent from last close. The open interest in the contract decreased 0.98 percent to 11,120 tonnes from 11,230 tonnes as on last day, indicating profit taking.
In today's session, turmeric arrivals in the benchmark spot market Nizamabad mandi were steady at 2,000 bags and price was steady at Rs 15,000 level. The arrivals in the Erode mandi increased to 17,000 bags from 5,000 bags and price increased to Rs 15,200 per 100 kg.
Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March. The peak season runs till June.
Turmeric exports in February 2010 stood at 2,500 tonnes, down 19 percent from a year ago, according to data from the Spices Board.

Activities 22.5.2010

ႊTumeric root (Curcuma longa)ဆႏြင္းတက္

ႈIndia tumeric moves up on demand,thin supply

Fri Apr 23, 2010 7:56pm IST
MUMBAI, April 23 (Reuters) - India's turmeric futures rose more than 3 percent on Friday supported by overseas and local demand and a supply squeeze as farmers held back their produce for better prices, analysts and traders said.
"Overseas demand is coming from Gulf and European countries. Farmers are not bringing their produce in the market to sell at current prices as they have seen very good prices last year," said Subhas Chander Gupta, trader from Erode.
In Nizamabad, a major spot market in Andhra Pradesh, the price gained 165 rupees to end at 12,421 rupees.
Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March. The peak season runs till June.

Turmeric exports in February 2010 stood at 2,500 tonnes, down 19 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. <0#NTM:>

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India Turmeric Prices May Rise Further - Traders, Analysts 

By Dilipp S Nag
Of DOW JONES NEWSWIRES
MUMBAI (Dow Jones)--Turmeric prices in India are expected to firm up further as new crop arrivals suggest output will be below earlier estimates while demand remains strong, traders and analysts said Thursday.
Spot prices are already up 18% since mid-March to about INR12,212 per 100 kilograms in the major trading hub of Nizamabad in south India.