Turmeric On NCDEX Settled Up By 0.53% At 6408

Turmeric on NCDEX settled up by 0.53% at 6408 due to higher export demand and poor arrivals. Anticipation of lower acreage during the current season also supported the price rise. Higher carryover stocks and a bumper turmeric production during the 2016-17 season have kept the price under pressure throughout the season. India is the largest turmeric producer with 75-80 % of the global production. This season the prices have been lower on less demand from upcountry and industrial buyers.

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. Indian turmeric has the highest curcumin content and is preferred by the extractors and grinders. Near normal monsoon and good pre monsoon showers in the turmeric growing regions of Maharashtra, Tamil Nadu and Telengana may keep the sentiments bearish.

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