Commodity Online
COIMBATORE: Turmeric Futures is making waves in the commodity exchanges now. The Futures trading in turmeric since its re-launch from June last at Multi Commodity Exchange of India Ltd (MCX) has picked up momentum with the daily turnover at around Rs 15 crore.

Details of the turmeric Futures were revealed at a seminar held here recently. Delegates at the seminar were told that turmeric’s open interest was around 3,500 tonnes on August 29.

Now, the contract is based on ex-Nizamabad variety, though other varieties such as Rajapore, Salem, Warangal, Erode, Duggirala and Cudappa are also being accepted according to the relative premium or discount rate to the basic variety, speakers at the seminar said.

Turmeric Futures are compulsory delivery contract that expires on 20th of the contract month, according to a press note from MCX.

Maharashtra, Orissa, Karnataka, Tamil Nadu and Kerala are major producers of turmeric, but Andhra Pradesh leads in terms of both acreage and output with the country’s main turmeric variety ‘Nizamabad bulb’ coming from that State.

The seminar attracted over 200 participants largely turmeric traders/suppliers, growers and other members in the turmeric supply chain including the processors and retailers.