Turmeric futures for Nov delivery closed lower

Turmeric futures for Nov delivery closed lower on profit booking while the prices have been trading in a range on mixed fundamentals of diminishing arrivals and expectation of higher production in the new season. The arrivals have been lower during first 20 days of October at 4,707 tonnes compared to 6,552 tonnes last year same period according to Agmarknet data.

The export of turmeric is down by 16.4% to 41,517 tonnes for the first 4 month of FY 2017/18 compared to last years’ exports. For 2017/18, turmeric sowing in Telangana, this season down 1.5% to 44,956 hectares as compared to last year acreage of 45,633 hectares. Market participants are expecting good production in the coming season due to rains in turmeric sowing areas.

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