Turmeric Futures Corrected Yesterday

Turmeric futures corrected yesterday mainly on profit booking and weak physical demand. However, expectation of weak supplies in the physical market and steady demand may cap decline. The Jul’16 delivery contract on NCDEX closed 0.54% lower to settle at Rs 8,110 per quintal. Good sowing progress in Karnataka and Tamilnadu may pressurize prices in coming weeks. The prices may be range bound to higher on reports of forecast of above normal rains in turmeric growing area in south India. 

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