Turmeric On NCDEX Settled Up By 0.56% At 7224

Turmeric on NCDEX settled up by 0.56% at 7224 due to rise in demand from domestic and overseas market. However upside seen limited due to better crop prospects because of higher sowing and favourable weather conditions in the producing centres. Pressure also seen in recest sessions due to expectations of higher output in 2016-17 (Jul-Jun) due to a sharp rise in acreage and favourable weather. According to data of agriculture department of Andhra Pradesh, sowing of turmeric stood at 17,000 hectare until Oct 5 up from 15,000 hectare a year ago. In Telangana, turmeric sowing stood at 46,000 hectare versus 43,000 hectare a year ago.

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