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.
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