On NCDEX Settled Up By 1.66% At 6016

On NCDEX settled up by 1.66% at 6016 on increasing demand for the commodity from both domestic and export buyers. Higher carryover stocks and a bumper turmeric production during the 2016-17 season have kept the price under pressure throughout the season. 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. Turmeric arrivals in the country are higher in the month of May. Increased global demand for turmeric, especially in the pharmaceutical sector, drove its exports to the tune of 1.16 lakh tonne in volume and Rs1,241 crore in value terms in 2016-17.

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