| Date: |
26-07-2010 |
| Subject: |
India Turmeric Dip Sharply On Profit Taking |
|
India turmeric futures moved sharply lower on profit taking as prices gone up sharply in the earlier trading sessions amid weakness in spices complex. Improving sowing prospects and weak export demand added weak tone in the yellow spice futures. However, prices may recover on lower stocks and lean arrival season.
Benchmark August 2010 contract on NCDEX ended the Saturday's session higher by 1.72 percent at Rs 15056 after moving in the range of Rs 15094-Rs 14746 per 100 kg.
In today's early moves, Benchmark August 2010 contract slipped 1.30 percent or Rs 194 to the session low of Rs 14862 per 100 kg. The counter is now trading at Rs 14890, down Rs 166 or 1.10 percent and the open interest dipped 0.59 percent to 8,455 tonnes, indicating profit taking.
Turmeric exports dipped 11 percent to 14,600 tonnes while earnings increased by 106% percent to Rs 18,883.30 lakh during April-June 2010.
Source : indiainfoline.com
|