Turmeric Settled Up By 0.37% At 8790

Turmeric settled up by 0.37% at 8790 on short covering after prices dropped on lack of upcountry demand at the spot market. However, expectations of limited arrivals of quality turmeric from the producing belts, also supported prices. There are reports of production concern due to drought in Maharashtra and Andhra Pradesh. There is concern over production due to heavy rains during Nov-Dec in south India. 

Deficient rainfall in during early part of sowing in major Turmeric growing regions of Maharashtra and Karnataka may reduce the yield. As per dept of commerce data, turmeric exports until Nov 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 for want of upcountry demand. 

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