Weak Spot Market Weighs Sentiment In Turmeric Futures.

Turmeric futures extended the gains lead by short covering. However, futures pared some it its gains as lower spot markets weighed the sentiment in the futures. The September contract on NCDEX gained further by Rs 214 to the session high of Rs 12200 per 100 kg in the early sessions. The counter is currently trading higher at Rs 12032, down by Rs 46 or 0.38 percent from the last close. The open interest is down 1.21 percent to 7,000 tonnes, indicating short covering.

Turmeric arrivals in the Erode mandi slipped to 2,500 bags from 3,000 bags while prices fell further by Rs 500 at Rs13,500 per 100 kg. The Nizamabad mandi was closed today.

Turmeric exports from India during April-July are down 16 percent to 18,350 tonnes while earnings increased by 97% percent to Rs 24,789.55 lakh.

Strong rainfall in the major khariff spices growing area Andhra Pradesh boosted the sowing of the major spices like Chilli and Turmeric. The latest sowing reports shows that Turmeric area stood at 0.64 lakh hectare as of last week against 0.48 lakh hectare as on first September last year, nearly 100 percent of the season normal area completed. The area under turmeric cultivation is expected to increase in other major producing belts.

Source : indiainfoline.com