Turmeric On NCDEX Settled Up

Turmeric on NCDEX settled up by 2.22% at 8102 due to good buying by market participants at lower prices. However, reports of good rains in turmeric growing area in south India capped gains. New season crop has hit the markets and continue to peak in current month but majority of arrivals are of medium quality. Sources also stated that total daily arrivals of 20000 bags have been reported in Nizamabad mandi. The total production in the coming year is expected to be around 68 lakh bags, up 20 lakh bags from the last year. Spot turmeric prices at Erode showed a mixed trend even as the traders are awaiting upcountry demand. The sale was minimal and only 5,000 bags arrived for sale.

The buyers and stockists purchased limited stock. Around 60 per cent of the arrived stocks were sold. The price of the finger turmeric was up Rs. 100 a quintal in all the markets, but the price of the root variety decreased due to poor quality. At the Erode Turmeric Merchants Association, the finger turmeric was sold at Rs. 7,879-9,329 and the root variety Rs. 7,544-8,455. Of the arrival of 1,349 bags, 710 were sold. As per dept of commerce data, turmeric exports for the period April 2015- Feb 2016 is pegged at 77,081 tonnes while the export for the 2014-15 was 83,713 tonnes for the same period.

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