India turmeric soars 1.32% on hopes of lower output in 2012 13

Last Updated : July 05, 2012 12:36

MUMBAI (Commodity Online): Turmeric futures in NCDEX gained Thursday due to delay in sowing in the major producing regions along with expectations of lower output in 2012-13.

In NCDEX Turmeric July contract traded at Rs.4206 per quintal, up by 1.32% as of now.Open interest of the contract stood at 4955 lots and volume traded is 2150 lts.

A slow start to the June-September monsoon rains means farmers with irrigation facilities have started sowing in some pockets, but, cultivators dependent on the monsoon are waiting for one or two spells of rains to commence sowing.

Exports may fall by 10 per cent in the next financial year, if output drops, said by an exporter in Mumbai.

Turmeric acreage in India is likely to fall 30 percent this season, reducing exports in 2013-14, even though, total overseas sales are still expected to be above average.

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Source: http://www.commodityonline.com/futures-trading/market-report/India-turmeric-soars-1.32-on-hopes-of-lower-output-in-2012-13-28605.html

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