Turmeric On NCDEX Settled Up By 0.8% At 7794

Turmeric on NCDEX settled up by 0.8% at 7794 on fears that weak rains may hit sowing in main producing states. There is only need based buying for turmeric in the open market amid comfortable stocks. Sowing of turmeric is good but there are fears of weak rains which may impact output. There are reports of inadequate rains in main producing centres of Tamil Nadu, Telangana and Andhra Pradesh.

There are reports that AP Markfed has cancelled turmeric auction to be commenced from Aug 4. In the Delhi spot market turmeric single polish gattha remained unchanged at Rs 7,000-7,200 per quintal from Rs 8,100-8,200 per quintal on withdrawal of support as producing centres got some rains towards week-end. India exported 116,500 ton turmeric during 2016-17 up from 88,500 ton a year ago.

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