Indian Yellow Spice Futures Extend Gains For Third Consecutive Days

Indian Turmeric futures extended the gains for the third day on fresh buying support. Turmeric prices in the intraday will trade firm due to improved buying by the market participants. Stockiest at the domestic mandi are not willing to offload their stocks at lower levels.

According to Spices Board of India, exports of Turmeric from India during April 2010- February 2011 stood at 42,500 tonnes as compared to 46,575 tonnes in 2009-10, a decline of 9%. Turmeric production in the year 2010-11 is estimated at 69 lakh bags (1 bag= 70 kgs) compared to 48 lakh bags during the previous year.

Benchmark April contract on NCDEX traded in the range of Rs. 10,430-Rs 10,290 per 100 kg. The contract increased by 1.94% over the last close. The contract is currently trading higher at Rs. 10,378, up 1.43% over the last close and the open interest added 0.44% to 6945 tonnes. The contract is finding strong resistance at Rs. 10,430-10,440 and only break above Rs. 10,500 will decide the trend.

(Source: http://www.indiainfoline.com/Markets/News/Indian-Yellow-Spice-Futures-Extend-Gains-For-Third-Consecutive-Days/3638741645)