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NCDEX Turmeric Weighs Down On Poor Domestic Demand: April 11, 2012

ByCommodityOnline
Published 04/11/2012, 03:12 AM
Updated 05/14/2017, 06:45 AM

Peak arrivals from all the major mandis coupled with lackluster demand from the domestic buyers led turmeric spot prices to remain weak and settled 1.20% lower on Tuesday while futures, after remaining weak, witnessed short coverings and settled 1.20% higher yesterday.

Production, Arrivals And Exports

Arrivals in Nizamabad mandi stood at 25,000 bags on Tuesday. 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 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 til October 2011. Exports have touched new historical levels in 2011-12.

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