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NCDEX Turmeric Weakens On Poor Spot Demand: April 17, 2012

ByCommodityOnline
Published 04/17/2012, 05:03 AM
Updated 05/14/2017, 06:45 AM

Spot prices were quoted at steady rates due to lacklustre demand from the domestic buyers and settled 0.04% lower on Monday.

Futures however witnessed improved buying at lower levels and settled 0.88% higher yesterday. Demand from the overseas buyers also continues to remain dull.

Production, Arrivals And Exports

Arrivals in Nizamabad and Erode mandi stood at 20,000 bags and 25,000 bags respectively on Monday.

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 around15000 thousand bags while that in Duggiralla, Warangal and Cuddapah sum to 10000 bags, Sangli 8000 bags and the largest producing state is witnessing arrivals of 24000 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 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.

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