Turmeric On NCDEX Settled Down -0.57% At 6278

Turmeric on NCDEX settled down -0.57% at 6278 due to higher supplies from the producing regions. Though, some losses were capped on rising exports demand at the spot market. Many traders and farmers expected good sales of turmeric during the peak period, which started a month ago. But, this year, for the first time in recent history, both farmers and traders are in agony due to poor production and tepid demand from North India. Due to monsoon failure, turmeric cultivation has been affected. Some farmers are using open and bore wells, while some others are buying water at exorbitant rates to save their standing turmeric crop, but the yield was very poor. 

The upcountry demand for turmeric has been very low, as the traders in North India have started sourcing turmeric from other locations such as Assam, Warangal and Nizamabad. So the local turmeric prices were slashed and sales remained very low. Around 4,000 bags of turmeric — including 3,200 bags of new turmeric — arrived at the market here.

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