Turmeric prices end higher by 4.02% on poor sowing

Turmeric prices closed higher by 4.02 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as traders enlarged their holdings on reports of lower monsoon rains in key producing areas which in turn may slowdown the sowing operations, hurting the yield and the output.

At the NCDEX, turmeric futures for August 2012 contract closed at Rs. 6,264 per quintal, up by 4.02 per cent, after opening at Rs. 6,120 against the previous closing price of Rs. 6,022.

 It touched the intra-day high of Rs. 6,264 Sentiment improved further as the NCDEX removed the additional special margin of 20 per cent on the short side that it had imposed earlier this month on all current and yet to be introduced turmeric contracts with effect from July 25, 2012.

India is the world's largest producer of turmeric and produces nearly 80-85 per cent of world's total production, which stands at around 6.0 lakh MT to 7.0 lakh MT per year. [ News Via ]

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