Turmeric On NCDEX Settled Up By 0.37% At 5488

Turmeric on NCDEX settled up by 0.37% at 5488 on short covering after prices dropped by around 12% last week as higher supplies in the market amid weak demand weighed on prices. Steady pace of new crop supplies amid higher production also weighed on prices. Market focus may gradually shift towards monsoon in 2017 and sowing acreage under turmeric. 

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.

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