Turmeric On NCDEX Settled Up By 0.09% At 6608

Turmeric on NCDEX settled up by 0.09% at 6608 on anticipation of rising physical as well as export demand at the spot market. However upside seen limited as new season turmeric crop has now entered into the markets in South India. Turmeric output is seen higher at 7 million bags thanks to higher sowing and favorable weather conditions. Prevailing high prices encouraged farmers to plant more turmeric this year. Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on turmeric prices at higher levels. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. 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.

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