Turmeric On NCDEX Settled Up By 1.94% At 7666

Turmeric on NCDEX settled up by 1.94% at 7666 due to dwindling stocks and persistent demand from exporters and farmers. Monsoon rainfall in major turmeric growing states is mixed so far. While Telangana got 9% above normal and Andhra Pradesh 17% above normal rains there is deficit in other states such as Maharashtra, Tamil Nadu and Odisha. Turmeric sowing in Andhra Pradesh and Telangana is higher than last year, according to latest available data. Arrivals of turmeric were also lower due to fag-end of the season.

In the Delhi spot market turmeric single polish gattha recorded shot up by Rs 500 at Rs 8,100-8,200 per quintal on acute shortage as arrivals were disrupted due to GST implementation. India exported 116,500 ton turmeric during 2016-17 up from 88,500 ton a year ago. The price of turmeric in the turmeric futures showed further decrease on Friday. At the Erode Turmeric Merchants Association Sales yard, finger turmeric sold at ₹5,555 to ₹9,011 a quintal.

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