Turmeric Futures Hit The Lower Circuit

Turmeric futures hit the lower circuit on Friday due to physical and export demand coupled forecast of favorable weather conditions in turmeric growing areas. Turmeric Sep’16 delivery contract on NCDEX closed 8.52% down w/w to settle at Rs 6,868 per quintal. The prices of turmeric are moving sideways to down due to mixed fundamentals of good sowing acreage coupled with declining supplies. The demand from the industrial may support prices. Turmeric acreage in Telangana as on 24 Aug was up 15.4 % at 45,000 hectares as compared to 39,000 hectares last year. Sowing of turmeric is over in 93 % of normal area and up by 110 % of normal sowing area.

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