Turmeric Settled Down By -2.62% at 9878

Turmeric settled down by -2.62% at 9878 amid lack of strong demand amidst high arrivals and prospects of rising new crop arrivals in coming weeks. Sources also stated that around 27-28 lakh bags of total stocks have been reported in local mandies. While the total production in the coming year is expected to be around 68 lakh bags, up 20 lakh bags from the last year. At Nizamabad market estimated market supply was at 550 quintals, higher by 350 quintals from previous trading day. At Warangal market sources reported arrivals at 100 bags, steady as against previous day’s arrival. There is concern over production due to heavy rains during Nov-Dec in south India.

As per dept of commerce data, turmeric exports till September, 2015 pegged at 50,916 tonnes while the export for the 2014-15 is 90,738 tonnes compared to 78,360 tonnes in FY14. Spot turmeric prices decreased at Erode markets by Rs. 300 a quintal due to weak trend in futures markets. The price of the root variety decreased by Rs. 150 a quintal, but the buyers are keen in buying all the root variety turmeric for their local demand.

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