Turmeric tries to stabilize amid export worries

Turmeric futures surged today as recent declines were capped and as spot prices tried to stabilize after tanking in key markets. Export outlook is very cautious for the commodity as war between the US-Israel and Iran continues to escalate. Spot Turmeric in Nizamabad has slipped from Rs 17600 per quintal to Rs 16900 per quintal over last one month. Supplies are steady. On NCDEX, Turmeric futures for Apr-25 fell near Rs 14000 per quintal earlier this week before some recovery emerged. The counter currently trades up 2% at Rs 14822 per quintal. The open interest in the contract has been falling sharply over the last few days and tanked to three-week low today. The open interest stands around 17000 contracts now compared to around 18700 contracts at the start of this month.

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