Spot prices settled 0.69% down due to dull activity at the domestic market. Improved arrivals at the Erode mandi are pressuring prices at the Spot mandi.
Turmeric futures settled near upper freeze of 4% yesterday due to improved buying at support levels.
Production, Arrivals and Exports
Arrivals in Nizamabad mandi witnessed steady arrivals of 1,000 bags on Wednesday. (Each bag weighs (70-75kgs).
Turmeric production for the year 2011-12 is projected at 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010-11.
However, area covered under turmeric till 26th September, 2011 stood at 0.67 lakh ha 2.9% lower as compared to 0.69 lakh ha in the previous year. Area covered under Turmeric in 2011-12 is however higher than the five year hectares average of 0.63 lakh.
According to Spices Board of India, exports of Turmeric during April 2011- August 2011 stood at 36,500 tonnes as compared to 24,000 tonnes in 2010-11, rise of 52%.