Turmeric futures climb, tracking firm spot
Indian turmeric futures jumped by their daily limit tracking a firm spot market, where stockists and exporters were actively buying anticipating demand and a shortfall in output, traders and analysts said.
By PTI |
MUMBAI: Indian turmeric futures jumped by their daily limit on Tuesday tracking a firm spot market, where stockists and exporters were actively buying anticipating demand and a shortfall in output, traders and analysts said.
"Arrivals were decreasing in all major producing centres in Andhra Pradesh....there was a good demand from Japan and Gulf countries," said Sudha Acharya, an analyst at Agriwatch.
In Nizamabad, Andhra Pradesh, the spot price climbed by 183 rupees to 3,470 rupees per 100 kg. The depreciation of rupee against the dollar and a likely drop in the output was supporting prices, said an analyst at Karvy Comtrade Ltd.
"Arrivals were decreasing in all major producing centres in Andhra Pradesh....there was a good demand from Japan and Gulf countries," said Sudha Acharya, an analyst at Agriwatch.
In Nizamabad, Andhra Pradesh, the spot price climbed by 183 rupees to 3,470 rupees per 100 kg. The depreciation of rupee against the dollar and a likely drop in the output was supporting prices, said an analyst at Karvy Comtrade Ltd.
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