Friday, May 21, 2010

Turmeric up on bargain buying; jeera on

MUMBAI: Indias turmeric futures rose over 3 percent on Friday on bargain buying triggered by a decline in arrivals and spot demand, analysts said. Trend is firm. Arrivals have come down. June contract may jump to 14,900 rupees per 100 kg in short term, said Sudha R. Acharya, analyst at Kotak Commodities Services Ltd.

The most active June turmeric was up 3.53 percent at 14,485 rupees per 100 kg. In Nizamabad, a major spot market in Andhra Pradesh, turmeric traded steady at 14,718 rupees per 100 kg. Turmeric exports in February 2010 stood at 2,500 tonnes, down 19 percent from a year ago, according to data from the Spices Board.

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