Turmeric On NCDEX Settled Down By -0.05% At 8034

Turmeric on NCDEX settled down by -0.05% at 8034 on profit booking after gaining on tight stocks positions following restricted supplies from producing regions. According to the data, the quantity of turmeric arrivals during February-May in key states was higher by 71 per cent compared to the last season. Higher arrivals in 2015-16 were thanks to the good prices and higher production, according to trade sources. For this season, production of the yellow spice is forecast to increase to 8 lakh tonnes (lt) from 7.50 lt last year. 

In FY 2015-16, turmeric exports were lower by 5.9 per cent at 85,426 tonnes compared to 90,738 tonnes last year, according to data from the Department of Commerce. At Nizamabad market sources reported arrivals at 1300 quintals, up by 100 quintals as against previous day. At Erode market sources reported arrivals at 4000 quintals, higher by 1000 quintals from previous day’s arrivals. At Warangal market total arrivals are at 600 bags, down by 200 bags from previous trading day. At Sangli market estimated market supply was at 2700 quintals, higher by 500 quintals from previous day’s arrivals. Spot turmeric prices decreased at Erode markets on lack of demand.

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