Turmeric On NCDEX Settled Up 2.93% At 7244

Turmeric on NCDEX settled up 2.93% at 7244 tracking firmness in spot demand amid apprehensions of fall in acreage. Monsoon rains are reported to be lower in the main producing centres of Tamil Nadu and Maharashtra while rainfall is above normal in Andhra Pradesh and Talangana, India Met Department data showed. Despite normal monsoon, acreage under turmeric is likely to decline sharply this season as price realization in last season was poor and on prevailing lower prices at spot market.

In Telangana, turmeric acreage, up 4.2% to 38,703 hectares as compared to last year acreage of 37,117 hectares. The normal acreage is close to 47,000 hectares. Market arrivals dropped about 60% in June compared to May. As per data, about 12,623 tonnes arrived in first 20 days in July compared to 20,623 tonnes in previous fortnight. As per the data release by government, turmeric exports during first four months in 2017 is 42,855 tonnes, up 40.7% compared to last year same period.

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