International Spice Commodities Update – Turmeric

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Turmeric futures prices moved up by Rs 92 ($1.87, €1.41, £1.19) to Rs 4,790 ($97.46, €73.28, £62.00) per quintal today, as speculators created fresh positions, tracking a firming trend at spot market on pick up in demand.

However, Estimates of a bumper crop restricted the gain.

At the National Commodity and Derivatives Exchange, the May contract rose by Rs 92 ($1.87, €1.41, £1.19), or 1.96%, to Rs 4,790 ($97.46, €73.28, £62.00) per quintal, with an open interest of 8,085 lots.

The April contract gained Rs 74 ($1.51, €1.13, £0.96), or 1.58%, to Rs 4,760 ($96.85, €72.82, £61.61) per quintal in 16,220 lots.  Analysts attributed the rise in turmeric futures to fresh buying by speculators after pick-up in demand in the spot market.

www.keresspices.com

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