Turmeric Futures To Continue Pessimistic - Oct 6, 2008

Mumbai: The downtrend in turmeric futures in NCDEX is hoped to continue in the short term on weak sentiment in the spot market besides a slowdown in demand from overseas market. Markets took a cue from dismal production predictions due to scanty rainfall in the initial crop season. Area under turmeric cultivation in the kharif season is hoped to be about 1.69 lakh hectares against 1.64 lakh hectares registered in the same period last year. In Andhra Pradesh, most of the farmers shifted from turmeric to soyabean as it is a short duration crop and less labour-intensive. Moreover, domestic purchasers have been staying away from the market in anticipation of further fall in prices.

The decline in rates was further supported by favourable weather conditions in Andhra Pradesh and Maharashtra, besides a slow down in domestic and overseas demand. In Nizamabad markets, turmeric prices reached a high of Rs 4,600 a quintal, but came down to Rs 3,900 level on Oct 3.

Turmeric Futures Extendes Last Trading Sessions - Aug 02 , 2008

The Turmeric futures extended last trading sessions loss today on short selling tracking the weakness in the physical market. The favorable weather in the major growing area added weak cues in the Turmeric futures price. The NCDEX Turmeric futures benchmark October contract drifted lower to the low of Rs 4693 from the opening high of Rs 4750 per quintal. The counter lost nearly Rs 46 per quintal at the sessions low. The counter currently hovering near the sessions low at Rs 4700, technically the price drifted lower below the long term EMA. The open interest in the contract increased 0.92% which stood at 26070 lots as against 25830 lots as on yesterday, indicating short selling.