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| TMC NOV INTRADAY CHART 30/10/2012 |
Turmeric pared the last two session gains on long liquidations amid weak spices complex in today's trading session. The NCDEX turmeric most active November contract ended the day at Rs 5086, down Rs 50 or 1.10% from last close.
Turmeric price in the Nizamabad mandi stood steady at Rs 4,900 per quintal and the arrivals decreased to 800 bags from 2,000 bags over previous close. Turmeric price quoting in the Erode mandi was stable at Rs 5,200 per quintal and arrivals increased to 5,000 bags from 3,000 bags. The Salem variety was trading steady at Rs 5,700 per quintal.
Turmeric futures recovered from the low below Rs 5 k level on strong demand against weak arrivals in the local mandis. Turmeric slipped in the consecutive sessions, due to lack of fresh orders from the upcountry market and exporters. Stockiest also have good carryover stocks with them. Turmeric has been sown in 0.58 lakh hectares in Andhra Pradesh as on 10 October 2012, 30-35% lower over last year. Weak sowing is expected to support the prices in medium term.
The November contract gained nearly Rs 300 per quintal in the last two sessions on short covering at lower side. The contract eased from high Rs 5220 and settled the session at Rs 5086, down Rs 50 or 1.10% from last close. The open interest declined 600 positions, indicating long liquidations.
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