The most active Apr’16 turmeric futures closed lower for the second successive day mainly on profit booking but good demand from the local stockists due to forecast of lower production capped further loss. The Future contract for April delivery at NCDEX closed 1.37% down at Rs 9,780 per quintal. There is concern over production due to heavy rains during Nov-Dec in south India. Heavy rains in south peninsula during November and early December may damage turmeric crop in Tamilnadu and some parts of Karnataka. Deficient rainfall in during early part of sowing in major Turmeric growing regions of Maharashtra and Karnataka may reduce the yield.
Turmeric prices expected to trade sideways to down as market participants may look to book profit at higher levels. However, concern over production due to bad weather in producing states and good upcountry demand may support prices.
1/01/2016 01:12:00 PM
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