Turmeric On NCDEX Settled Down By -0.38% At 7764

Turmeric on NCDEX settled down by -0.38% at 7764 on profit booking after prices gained on reports of below normal rains in turmeric producing areas of Telangana, low sowing progress and good physical demand. After good start to turmeric sowing in Telangana, the acreage of turmeric is down 3.5% to 41,715 hectares as compared to last year acreage of 43,226 hectares. Market arrivals dropped about 30% in July compared to June. As per data, about 19,218 tonnes arrived in July compared to 27,373 tonnes in previous month.

As per the data release by government, the exports during first five months in 2017 is 54,058 tonnes, up 22% compared to last year exports volume for the same period. Andhra Pradesh State Co-operative Marketing Federation, also known as AP Markfed, will auction 48,500 tn turmeric in Aug-Nov through the NCDEX e-Markets Ltd's trading platform, a senior official of the state marketing body said. The AP Markfed had procured 48,500 tn turmeric from farmers in May after prices fell to 5,200 rupees per 100 kg.

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