Turmeric On NCDEX Settled Up

Turmeric on NCDEX settled up by 0.43% at 8912 on increasing demand for hybrid turmeric at the spot markets. Though, some gains were capped due to higher arrivals from the producing regions. New season crop has hit the markets but majority of arrivals are of medium quality turmeric. 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. 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. New Turmeric supply reported in the domestic market pressurizes the prices at higher levels. In Nizamabad indicative market, supply reported last week ending 53000 bags as compared to previous week 49000 bags

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