Turmeric futures September contract plunge 10% in last one week

| Updated on: Aug 14, 2012

Turmeric futures on the National Commodity and Derivatives Exchange Ltd (NCDEX) had hit the upper circuit of four per cent on Monday and fell back sharply to the previous day’s closing level of Rs 5,518 a quintal.

September delivery contract had fallen by about 10 per cent in the last one week after the commodity market regulator Forward Markets Commission imposed various restrictions to cool down prices.

NCDEX has banned fresh positions in August contract till its expiry on Thursday.

Demand in the Nizamabad market was lacklustre with prices closing marginally lower at Rs 5,476 a quintal. Arrivals in Erode and Nizamabad mandis had stood at 8,000 and 2,000 bags, respectively on Monday.

Turmeric production for 2011-12 is projected at a historic high of 90 lakh bags (of 70 kg each) compared with 69 lakh bags in 2010-11.

Erode is expected to produce 55 lakh bags, a rise of 29 per cent. Turmeric was sown in 0.44 lakh hectares in Andhra Pradesh as on August 8.

Published on March 12, 2018

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