MUMBAI (Commodity Online): Turmeric futures rose Thursday on short covering by the traders on the back of rising spot demand though ample supply and higher production concerns limited the uptrend.
In NCDEX Coriander February contract is trading at Rs.4734 per quintal, higher by 1.02 per cent on 15:40 IST against the previous close.
In the morning session the contract traded at a range of Rs.4654-4830 per quintal. Open interest of the contract is 16640 lots and volume traded is 7570 lots for the time being.
Turmeric production for the year 2011-12 is projected at historical high of 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010- 11. Erode is expected to produce 45 lakh bags of Turmeric a rise of 29% as compared to previous year.
According to Spices Board of India, 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%. Targets set by the Spices Board have already been met till October 2011. Exports have touched new historical levels in 2011-12.
