Turmeric Futures Closed Lower On Monday

Turmeric futures closed lower on Monday due to weak spot demand and good health of new season crop in south Indian states. The prices of turmeric are moving sideways to down due to mixed fundamentals of good sowing acreage coupled with declining supplies. Sep’16 delivery contract on NCDEX closed 3.78% down to settle at Rs 7,428 per quintal. The demand from the industrial may support prices. Turmeric acreage in Telangana as on 17 Aug was up 15.4 % at 45,000 hectares as compared to 39,000 hectares last year. Sowing of turmeric is over in 93 per cent of normal area and up by 110 % of normal sowing area.

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