Turmeric On NCDEX Settled Up By 0.71% At 7674

Turmeric on NCDEX settled up by 0.71% at 7674 in anticipation of improvement in buying activities for fresh crop, especially by bulk buyers. In Nizamabad indicative market, arrivals reported around 4,000 to 5,000 bags (70 kgs each) per day as compared to last week 10,000 to 11,000 bags, as most new crop has been traded already.

Till date, around 75-80% new crop arrivals traded and arrivals will likely continue till May. Good monsoon will prompt the farmers to decide on cultivation of turmeric despite not great returns in the current crop season. Spot turmeric prices at Erode markets posted an increase as traders received fresh upcountry demand and bought all the good quality turmeric at a higher price.

The arrival and sales of hybrid turmeric increased, said Krishnamurthy, a trader. Around 6,500 bags arrived for sale and more than 80 per cent were sold. The price of local new finger crop improved by Rs. 350 a quintal at the Regulated Marketing Committee and that of the hybrid finger turmeric by Rs. 125 at the Erode Turmeric Merchants Association. In other markets, both varieties of new turmeric were up Rs. 100.

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