India: Turmeric Ends Down More Than Rs. 100 On Profit Taking

Turmeric futures on NCDEX plunged sharply on profit selling of the previous gains. Vanishing export demand at higher levels added some bearish sentiments in the market.

As per the latest release from the Spices Board of India, Exports of turmeric was down around 9% to 42,500 tonnes with value of exports was up by 78% to Rs. 608.85 crores, During April-February 2010-11.

Demand from other part of country has also slowed down which is also pulling down the prices. As per trade sources, turmeric production in 2011 is estimated around 65 lakh bags against 45-48 lakh bags last year (Each bag=70Kg.).

The NCDEX Yellow spice for the May delivery touched the low of Rs. 8866 and ended the day lower by Rs. 132 or 1.46% at Rs. 8914 per 100 kg. The open interest dipped 0.98% to 13710 tonnes, indicating profit selling. Volume traded dipped to 5,790 tonnes from 6,880 tonnes.

(Source: http://www.indiainfoline.com/Markets/News/Turmeric-Ends-Down-More-Than-Rs-100-On-Profit-Taking/3666777730)