Turmeric On NCDEX Settled Up

Turmeric on NCDEX settled up by 2.58% at 8126 on increasing demand from traders and stockists at the spot market. Though, some gains were capped as sowing of turmeric will resume in many parts of country on time with pre-monsoon lashes in part of the south Indian states. With the commencement of monsoon rains, traders and farmers-who are holding stocks on hopes of rise in prices-may turn sellers as rains would brighten the crop prospects. 

Demand from upcountry buyers seems to be easing due to arriving of monsoon rains and lower export demand. There is steady demand from traders and stockists. Though 2015-16 output was lower overall availability was comfortable because of higher carry forward stocks. Turmeric production for the current crop year (2015-16) is estimated to be around 315,000 tons compared to the previous year production of 324,000 tons. Sowing of turmeric begins in June and timely onset of monsoon will boost the cultivation prospects

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