Turmeric On NCDEX Settled Up

Turmeric on NCDEX settled up 2.04% at 6692 on rising domestic as well as exports demand at the spot market. Production in the ongoing season is expected to increase mainly on higher sowing area and favourable weather conditions in Maharashtra, Telangana and Andhra Pradesh etc. According to trade sources turmeric output is expected to be around 7.5-8 million bags. India's Apr-Sept turmeric export stood at 59,000 ton up 47% on year, according to Spices Board data.

The supplies are improving and there is good demand for the new season crop too. The harvesting is going on in key producing states – Maharashtra, Tamilnadu and Karnataka. On the export front, country exported about 74,524 tonnes, up by 32% during April-Nov period compared last year exports of 56,471 tonnes, as per government data.

On the export front, country exported about 82,115 tons during April-Dec period, up by 28% compared to last year exports of 64,105 tons. Turmeric prices further improved as the turmeric arrivals in the country decreased to 23,701 tons during March 6-9 compared to 43,156 tons during previous week.

The price of the spot turmeric was decreased further.At Erode Turmeric Merchants Association Sales yard finger turmeric sold at Rs. 5,499 to 8,899 a quintal, root variety sold at Rs. 5,399 to 7,829 a quintal. Technically now turmeric is getting support at 6561 and below same could see a test of 6431 level, And resistance is now likely to be seen at 6811, a move above could see prices testing 6931.

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