April, may contracts gain 0.4% each as speculators cover up positions on buzz of lower output
Amid covering-up of short positions by speculators and hopes of lower output, turmeric prices rose by Rs 30 to Rs 6,790 per quintal in futures trade today.
At the National Commodity and Derivatives Exchange, turmeric for delivery in May was up by Rs 30, or 0.44 per cent, to Rs 6,790 per quintal, with an open interest of 7,220 lots.
The April contract traded higher by Rs 26, or 0.39 per cent, to Rs 6,664 per quintal, with a business turnover of 28,760 lots.
Marketmen said covering-up of positions at prevailing levels by speculators and expectations of lower output as the area under cultivation was lower this year due to scanty rainfall during the planting season, influenced turmeric futures prices.
Prices fell 40-45 per cent to 143 cents a pound, compared with 250-260 cents a pound in the first three months of 2012Arabica coffee prices, which ...