Turmeric On NCDEX Settled Up By 2.58% At 5496

Turmeric on NCDEX settled up by 2.58% at 5496 supported by increased buying by retailers and stockists in the domestic market. However upside seen limited as the turmeric arrivals in the country are higher in the month of May. Reports showed about 72,120 tons arrived in May 2017 compared to 30,703 tons during May last year. Farmers may cut supplies to the market amid fears of fall in acreage because of prevailing lower prices.

There are reports that stocks with traders in consumption centres have depleted and they may enter the market to replenish the stocks. Meantime, sowing of turmeric may start in the coming days in view of hopes of good progress of monsoon. There are sufficient stocks with the farmers and lower demand from the industrial buyers. The arrivals in physical market have been lower due to less realization for the farmers.

Turmeric arrivals across the country during May 1-15 stood at 58,309 ton as against 114,737 ton a year ago, data showed. At Erode market , total arrivals are at 2000 quintals, lower by 1000 quintals as compared to previous day. 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.

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