Turmeric Futures To Witness Some Selling At Higher levels

Turmeric futures are likely to witness some selling at higher levels due to favourable monsoon situation in major turmeric growing regions along with strong stock position in local mandies.. The NCDEX futures are likely to trade in the range of Rs 5750 to Rs 5850 per quintal.

As per the market sources, steady rainfall in the major turmeric producing states such as Maharashtra and Andhra Pradesh might witness strong stockiest selling at higher levels.

Traders have revised the total turmeric production to 60 lakh bags from the previous estimates of 48 lakh bags .

Moreover, comfortable carryover stocks of 45-46 lakh bags at the major mandies might also add some selling at higher levels.

Consequently, the NCDEX September futures pared almost Rs 12 per quintal to settle at Rs 5820 per quintal in the last trading. The NCDEX futures are likely to trade in the range of Rs 5750 to Rs 5850 per quintal.Via

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