India turmeric hits upper circuit on stocks, demand

MUMBAI, Nov 26 (Reuters) - India's turmeric futures rose by
the daily maximum limit on Thursday on short-covering driven by
depleting stocks and good demand in physical market, analysts
said.

"In all spot markets arrivals are dwindling. Traders are
not releasing stocks at lower levels as they know supply crunch
will remain there for next few months," said an analyst at
Angel Commodities Broking Ltd.

Turmeric arrivals usually start in mid-January in small
quantities and gain momentum from March. The peak season runs
till June.

Carry-forward stocks were low as output had fallen sharply
last year due to low acreage and bad weather.

The benchmark December turmeric contract NTMZ9 had fallen
over 8 percent in last three sessions on hopes recent rains
would boost yields, they said.

Major turmeric producing states like Andhra Pradesh,
Maharashtra, Karnataka and Tamil Nadu received rains earlier
this month.

In Nizamabad, a major spot market in Andhra Pradesh, the
price climbed by 389 rupees to 10,729 rupees per 100 kg.

Following are the closing prices of turmeric futures on
NCDEX in rupees per 100 kg on the . <0#NTM:>

Contract Reuters code Closing price Change in %

=========================================================

Dec NTMZ9 9,855 4.01

Apr NTMJ0 7,130 4.01

(Reporting by Rajendra Jadhav; Editing by Prem Udayabhanu)

((rajendra.jadhav@thomsonreuters.com; tel: 91 22 6636 9153
; Reuters Messaging: rajendra.jadhav.reuters.com@reuters.net))

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