Turmeric Future Witnesses Up Trend

Coimbatore: The futures trading in turmeric since its re-unveil from June last at Multi Commodity Exchange of India Ltd (MCX) has steadily improved momentum with the daily turnover at around Rs 15 crore. Its open interest was around 3,500 tonnes on August 29. Currently, the contract is based on ex-Nizamabad variety, though other varieties such as Rajapore, Salem, Warangal, Erode, Duggirala and Cudappa are also being accepted according to the relative premium or discount rate to the basic variety. Turmeric futures are mandatory delivery contract that expires on 20th of the contract month, according to a communication from MCX. Maharashtra, Orissa, Karnataka, Tamil Nadu and Kerala are major producers of turmeric, but Andhra Pradesh leads in terms of both acreage and output with the country's main turmeric variety Nizamabad bulb coming from that State.