International Spice Commodities Update – Turmeric

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Futures rose on the NCDEX on Wednesday due to short covering by the traders on rising spot demand.

On the NCDEX, the turmeric May contract in the afternoon session traded at Rs.3,748 ($69.57, €53.72, £43.24) per quintal, higher by 1.68% against the previous close. Open interest of the contract stood at 22,000 lots and volume traded is 985 lots.

As per market sources, the traders are staying away from the market because there are no fresh orders from north Indian buyers. According to government sources, exports of turmeric during April 2011- December 2011 stood at 62,000 tonnes as compared to 37,400 tonnes in 2010-11, rise of 66%.
www.keresspices.com

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