Profit-booking pulls turmeric prices down
Turmeric futures eased on Wednesday due to profit-taking prompted by concerns arrivals will increase from next week and may pull down prices, analysts said.
By Agencies |
MUMBAI: Turmeric futures eased on Wednesday due to profit-taking prompted by concerns arrivals will increase from next week and may pull down prices, analysts said.
The benchmark April turmeric contract on the NCDEX had risen 9.7% in the past 10 sessions.
Traders estimate turmeric output in 2008 to fall to 4.2 million bags of 70 kg each from 5.4 million bags a year ago. Official estimates were not available. April contract was testing resistance at Rs 3,500.
Analysts said the Andhra Pradesh government���s plan to buy the crop from farmers at Rs 3,000 per 100 kg was lending support to prices.
The benchmark April turmeric contract on the NCDEX had risen 9.7% in the past 10 sessions.
Traders estimate turmeric output in 2008 to fall to 4.2 million bags of 70 kg each from 5.4 million bags a year ago. Official estimates were not available. April contract was testing resistance at Rs 3,500.
Analysts said the Andhra Pradesh government���s plan to buy the crop from farmers at Rs 3,000 per 100 kg was lending support to prices.
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