Turmeric On NCDEX Settled Down

Turmeric on NCDEX settled down by -0.41% at 7316 on profit booking after prices gained because of dwindling stocks and amid expectations of good demand from domestic market. Meanwhile, expectations of a bigger crop compared to last year may too weigh the market sentiments. 

India produced less turmeric during 2015-16 due to adverse weather conditions and stocks have plunged due to fag-end of the season. New crop is likely to pour in by January. Turmeric prices are seen rising in coming days due to declining stocks at NCDEX accredited warehouses.

Turmeric sowing has been completed and output is expected by bumper as standing crop is pest free due to favourable weather conditions. India exported about 51,147 ton in 2016/17 until August which is up by 32% compared to last year in the corresponding period of 38,761 ton, as per the data released by Department of Commerce.

Export grew due to good export demand from Iran and the USA. Arrivals of turmeric to the Erode markets decreased again. The arrival of turmeric bags to the Erode Turmeric Merchants Association Sales yard has drastically come down to 55 bags of which 40 were sold. Total sales in the four markets was also very low at 340 bags. The finger variety decreased by Rs. 250 a quintal and there was no change in root variety price.

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