Turmeric On NCDEX Settled Down By -3.01% At 5482

Turmeric on NCDEX settled down by -3.01% at 5482 due to easing demand at the domestic spot markets. Further, adequate stock position on increased supplies from the producing regions too fuelled the downtrend. As turmeric sowing starts in June, early onset arrivals and better prospects for rains could be good for the crop sowing and as of now trend looks weak, report said. Andhra Pradesh government projected 2016-17 turmeric crops at 155,000 ton up from 121,000 ton in the previous year.

According to sources 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. The arrival of turmeric for sale has decreased.

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