Turmeric On NCDEX Settled Up 1.37% At 5772

Turmeric on NCDEX settled up 1.37% at 5772 as the physical demand is rising and market arrivals are diminishing. 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. At Warangal market sources reported arrivals at 4000 bags, up by 4000 bags from previous trading day.

The price of the hybrid turmeric increased. At the Erode Turmeric Merchants Association Sales yard, finger turmeric sold at Rs. 5,455 to Rs. 7,259 a quintal, root variety sold at Rs. 5,222 to Rs. 6,341 a quintal. At the Regulated Marketing Committee, finger turmeric sold at Rs. 6,299 to Rs. 7,214 a quintal, root variety sold at Rs. 5,399 to Rs. 6,361 a quintal.

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