Turmeric On NCDEX Settled Down By -2.18% At 5306

Turmeric on NCDEX settled down by -2.18% at 5306 due to weak demand from stockists amid sustained inflow and poor quality. Weak demand from exporters may put pressure on prices. However, turmeric arrivals have been lower as farmers are bringing less stock in the market due to poor realization. Turmeric arrivals across the country during May 1-15 stood at 58,309 ton as against 114,737 ton a year ago, data showed. 

Better crop prospects in view of normal monsoon rains may continue to put pressure on prices. Andhra Pradesh government projected 2016-17 turmeric crops at 155,000 ton up from 121,000 ton in the previous year. According to traders, 2016-17 output is seen at 7.5 million bags of 70 kg each and with over stock of nearly 3 million bags total availability is expected around 10.5 million bags. As against this, domestic demand is estimated at 5.5 million bags and export at 2.2 million bags. Country exported 97,596 ton turmeric during April-Feb up 26.6% compared to last year exports of 77,087 ton. At Nizamabad market total arrivals are at 7000 quintals, higher by 2000 quintals as against previous day. Medium quality turmeric arrived for sale at the Erode market.

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