Turmeric positioning a growth of 4 per cent to Rs 6,608 a quintal on Monday in spite of the weak trading activity in most spot market. In Nizamabad, the spot market price was much lower at Rs 5,600 a quintal, according to BL report. The price hike in future market is due to the low inventory at most exchange accredited warehouses.
As per NCDEX circular, no fresh positions will be permitted in the near month turmeric contract till it expires on August 16. Only shaping up of current positions will be allowed. Any income made by taking fresh position in violation of the above directives will not be added to violator account but instead will be dropped in the Investor Protection Fund, said the circular. It further added that penalty will be charged on violators. Turmeric futures are predicted to dip owing to the profit booking and curbs imposed by the exchange, added the report.