Turmeric On NCDEX Settled Up 0.59% At 5424

Turmeric on NCDEX settled up 0.59% at 5424 on short covering amid firmness in spot market after prices dropped in the absence of support from domestic stockists or exporters amid rising supplies. Better production prospects, rising stocks and low export and domestic demand continued pressurizing 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. Country exported 97,596 ton turmeric during April-Feb up 26.6% compared to last year exports of 77,087 ton.

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