Turmeric On NCDEX Settled Down

Turmeric on NCDEX settled down -0.41% at 8810 on expectation of higher arrivals from the producing belts in coming months. The arrivals have improved this week at 8,725 tonnes compared to 5,151 tonnes last week across the country spot market. New season crop has hit the markets but majority of arrivals are of medium quality turmeric. As per dept of commerce data, turmeric exports until Dec 2015 pegged at 64,100 tonnes while the export for the 2014-15 is 90,738 tonnes compared to 78,360 tonnes in FY14. 

As on latest sowing data, turmeric sowing in AP, Telangana is lower than the normal sowing. The traders are keen in buying the quality turmeric, which is held by farmers on expectation on higher prices later in the season. With carry forward stock of around 2.3 million bags, total availability will be around 7.5 million bags as against the estimated demand of 6-6.5 million bags.

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