Turmeric On NCDEX Settled Up By 0.89% At 5652

Turmeric on NCDEX settled up by 0.89% at 5652 amid support from domestic stockists and exporters despite of rising supplies. 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 price of the turmeric decreased by Rs. 100 a quintal in the futures market. At the Erode Turmeric Merchants Association sales yard, finger turmeric sold at Rs. 5,499-7,585 a quintal.

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