Turmeric on NCDEX settled up by 3.27% at 5754

Turmeric on NCDEX settled up by 3.27% at 5754 on profit booking after rising as the physical demand is rising and market arrivals are diminishing. Pressure also seen on prices on reports of good rains in turmeric growing areas. There was lower demand all season from upcountry and industrial buyers. Turmeric arrivals in the country are higher in the month of May. As per data, about 6,378 tonnes arrived last week compared to 11,942 tonnes during previous week.

On the export front, country exported about 1.11 lakh tonnes in 2016/17 up by 30% compared to last year exports of 85,412 tonnes, as per government data. At the Erode Turmeric Merchants Association Sales yard, finger turmeric sold at Rs. 5,606 to Rs. 7,591 a quintal and the root variety sold at Rs. 5,158 to Rs. 6,274 a quintal.

At the Regulated Marketing Committee, finger turmeric sold at Rs. 5,974 to Rs. 7,169, root variety sold at Rs. 5,009 to Rs. 6,019. 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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