Turmeric On NCDEX Settled Down By -1.78% At 5398

Turmeric on NCDEX settled down by -1.78% at 5398 as the turmeric arrivals in the country are higher in the month of May. Better crop prospects in view of normal monsoon rains may continue to put pressure on prices. 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.

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. It is projected that the prices may recover as market is expecting lesser sowing this season. There was lower demand all season from upcountry and industrial buyers. Turmeric arrivals in the country are higher in the month of May. As per data, about 72,120 tonnes arrived in May 2017 compared to 30,703 tonnes during May last year.

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