Spot prices of turmeric and futures were quoted at steady to slightly higher due to demand from the local stockists and settled 1.54% and 1.69% higher respectively on Thursday. Demand from the overseas buyers also continues to remain dull.
Production, Arrivals And Exports
Arrivals in Nizamabad and Erode mandi have reduced to 8,000 bags and 18,000 bags respectively in the last two days. According to the market sources harvesting of turmeric in Nizamabad is 75% complete, Erode 60%, Sangli 60% while centres of Duggiralla, Warangal and Cuddapah which started their harvesting late have completed 25% of their harvesting.
Average daily fresh arrivals in Nizamabad currently stand around 15,000 thousand bags while that in Duggiralla, Warangal and Cuddapah sum to 10,000 bags, Sangli 8,000 bags and the largest producing state is witnessing arrivals of 24,000 bags.
Turmeric production for the year 2011-12 is projected at historical high of 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010- 11. Erode is expected to produce 45 lakh bags of turmeric a rise of 29% as compared to previous year.
According to the Spices Board of India, exports of turmeric during April 2011- December 2011 stood at 62,000 tonnes as compared to 37,400 tonnes in 2010-11, rise of 66%. Targets set by the Spices Board have already been met till October 2011. Exports have touched new historical levels in 2011-12.
NCDEX Jeera Finishes Up On Fresh Buying
With peak arrivals of jeera in the domestic market coupled with buying by the local stockists led prices to remain steady. Futures also traded range-bound throughout the day and settled marginally higher on Thursday.
Carryover stocks of jeera are expected to be around 7-8 lakh bags as compared to 4-5 lakh bags in the last year.
Production, Arrivals And Exports
Unjha markets witnessed arrivals of 35,000 bags, same as that of the previous day while off-takes stood at 32,000 bags on Thursday. Production of jeera in 2011-12 is expected to be around 35 lakh bags as compared to 29 lakh bags in 2010-11 with each bag weighing 55 kg (Source: Spot Market Traders).
According to the Spices Board of India, exports of jeera during April 011- January 2012 stood at 34,500 tonnes as compared to 22,450 tonnes in 2010-11, an increase of 54%. However, month-on-month exports of jeera witnessed a decline of 40%.