MCX Settled On Turmeric Prices

Turmeric prices ended with gains triggered by uptick in domestic as well export demand in the spot market. Moreover, restricted supplies from producing regions also added support to turmeric prices uptrend. However upside seen limited on reports of good rains in turmeric growing areas.

The Maharashtra government has urged the Centre to exempt turmeric from the goods and services tax, saying these goods provide good income to farmers throughout the year, an official close to the development said. The government has levied and 5% goods and services tax on turmeric, which will be applicable from Jul 1, against no taxes on both the commodities in the state currently.

Of the arrival of 2,000 bags, 70 per cent stocks sold. At the Erode Turmeric Merchants Association Sales yard, finger turmeric sold at Rs. 5,899 to Rs. 7,677 a quintal, root variety sold at Rs. 5,655 to Rs. 6,389 a quintal. At the Regulated Marketing Committee, finger turmeric sold at Rs. 6,069 to Rs. 7,169 a quintal, root variety sold at Rs. 5,449 to Rs. 6341 a quintal.

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.

Technically now Turmeric is getting support at 5429 and below same could see a test of 5337 level, And resistance is now likely to be seen at 5613, a move above could see prices testing 5705.
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