The turmeric futures contract traded on NCDEX witnessed gains during the week ended December 9, 2016, tracking steady buying in the spot market on good quality arrivals. Mid-week, there were a few fresh enquiries from North Indian buyers which got converted into orders later and supported prices,. The December month futures contract closed the week at ₹7,500 per quintal, up by 3.25 per cent from its previous close. The Nizamabad market reopened after a week and traders bought a good amount of stocks to fulfil the local orders. Both finger and bulb prices gained by ₹100 each to ₹7,500 per quintal and ₹7,100 per quintal respectively with weekly arrivals of around 2,800 bags. During the week, trade at Erode market was held for only two days due to the passing away of Tamil Nadu Chief Minister J Jayalalithaa.
Outlook For the week ahead, turmeric futures prices are expected to continue to trade on a positive note tracking higher buying activity in the spot market due to a few more upcountry orders.
The writer is Head-Commodity Research, Karvy Comtrade
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