Turmeric Futures Closed Lower On Friday

Turmeric futures closed lower on Friday on reports of forecast of good rains in turmeric growing area in south India. The Jun delivery contract on NCDEX closed 1.18% lower to settle at Rs 8,006 per quintal. The price trend is looking mostly sideways to lower as market participants anticipating good sowing in next season on forecast of good rains.

Turmeric supplies have been slowing down and demand from stockists and upcountry buyers also going down the prices may trade in range bound manner. Turmeric arrivals have been higher in Feb and March compared to last year but the arrivals have slowed in April as per agmarknet data. Producers are releasing their lower or medium grade Turmeric and holding premium quality in the anticipation of better return ahead on anticipation of some weather disturbances in the coming monsoon.

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