Commodity Online MUMBAI: Turmeric futures slipped on Thursday on the back of persistent profit selling by traders in line with other spices futures at the NCDEX counter.
NCDEX July contract opened at Rs 5239 and slumped to the session low of Rs 5206 per 100 kg during the opening session. The futures currently quoted at Rs 5226, down Rs 7 from the last close and the open interest added 2.42 percent, indicating short selling.
Advancement of monsoon into the interior parts of India may provide support to the kharif sowing activity in Madhya Pradesh, Maharashtra and Gujarat. Crops such as Soybean, cotton, sugarcane, pulses, turmeric and groundnut have been impacted.
Trade sitting at the comfort of home. Start with a mere 50$There are lower stocks of turmeric left with the stockists and farmers until the fresh crop arrivals in January 2010. Stocks of Turmeric till June 2009 end are as follows Erode- 7 lakh bags, Nizamabad-1.75 lakh bags, Duggiralla- 2 lakh bags, Warrangal- 75000 bags, others – 1 lakh bags. (1 bag weighs 70-75 kgs.)
