Turmeric On NCDEX Settled Down By -1.2% At 5590

Turmeric on NCDEX settled down by -1.2% at 5590 on expectation of good production in the ongoing season due to favourable weather conditions in major producing belts of Maharashtra, Telangana and Andhra Pradesh. Turmeric farmers and traders have been hit hard by poor sales during peak season. 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. Because of this they incurred heavy cultivation charges.

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