Turmeric On NCDEX Settled Up By 3.27% At 5754

Turmeric on NCDEX settled up by 3.27% at 5754 amid anticipations of fall in acreage due to prevailing low prices. Farmers are expected to shift cultivation towards sugarcane and other crops for better price realization. With sharp fall in Turmeric prices recently, acreage for coming season is expected to decline and farmers may shift back to cotton and maize crop. Andhra Pradesh government projected 2016-17 turmeric crops at 155,000 ton up from 121,000 ton in the previous year.

The price of turmeric decreased at the week end market. At the Erode Turmeric Merchants Association Sales yard, finger turmeric sold at Rs. 5,899 to Rs. 7,158 a quintal, root variety sold at Rs. 5,489 to Rs. 6341 a quintal. At the Regulated Marketing Committee, finger turmeric sold at Rs. 6,414 to Rs. 7350 a quintal, root variety sold at Rs. 5,403 to Rs. 6341 a quintal.

According to sources, 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. In Nizamabad, a major spot market in AP, the price ended at 5575 Rupees gained 39.3 Rupees.

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