MUMBAI (Commodity Online): Turmeric futures spurted sharply, hitting upper circuit by 4% due to higher demand amid lower in the spot market Friday.
NCDEX turmeric May contract was Rs 7,236 per 100 kilogram, up 4% from previous close. The most active December contract was 10,729 per 100 kg, up 2% from the previous close. India's October turmeric exports were 4,000 tonne, up 7% from a year ago.
Technically, the support for turmeric is at 10383 below that could see a test of 10267. Resistance is now seen at 10733 above that could see a resistance of 10967.
Trading platform that even a 5 year old can trade. Join nowIndia's turmeric futures continued to trade lower on profit-taking driven by higher margin and hopes recent rains would boost yields. The December turmeric contract closed down 4 % at 10,500 rupees per 100 kg.
Major turmeric producing states like Andhra Pradesh, Maharashtra, Karnataka and Tamil Nadu received rains last week.
The participation is slowing abating in the physical market at these higher levels and on exchange due to increased margins. Carry-forward stocks were low as output had fallen sharply last year due to low acreage and bad weather.
