MUMBAI (Commodity Online): Turmeric futures continued to trade higher due to the persisting anticipation of weak production estimation amid lower stockpiles and higher domestic demand on Wednesday.
NCDEX turmeric November contract traded in the ranges of Rs 11,613- Rs 11,300 levels against the last close of Rs 11,166 levels. The counter now quoted at Rs 11,371, up Rs 205 from the previous close with the open interest dropped 0.18 percent, indicating short covering.
The December futures quoted at Rs 10,400, up Rs 47 and the open interest dropped 4.95 percent, indicating short covering.
India's turmeric futures hit the upper circuit and made contract highs bolstered by thin stocks and robust export demand. The benchmark November turmeric closed was up 4.01 % at 11,166 rupees per 100 kg, a new contract high.
Trade commodities or equities from across the globe. Join NowIn addition to existing margins, special margin of 10% on long side will be further imposed on all running contracts of Turmeric. This is in addition to the existing special margin of 10% on long side, effective from the beginning of trading day 04 Nov’09.
Thus total margin required for long side 20%. This year production would be higher than last year, but that crop will enter into the market only from February. Stock position at NCDEX accredited warehouses is 1709 tonnes as per latest update of 30 Oct’09, lower by 159 tonnes as compared to previous update.
