NCDEX Turmeric Market Update News
Turmeric on NCDEX settled down by -1.45% at 6774 as market is expecting a good crop this season. Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on turmeric prices at higher levels. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. On the export front, country exported about 51,147 tonnes of turmeric during April-September period, up by 27% to 58,233 tonnes compared last year, as per government data. Spot prices of turmeric improved at Erode markets as the buyers purchased quality finger variety turmeric.Though the tradersave not yet received any fresh upcountry demand, they are buying the finger turmeric for their local supply. Around 3,200 bags that arrived for sale, 60% were sold. The price of the turmeric is stable in the futures. The price of the finger turmeric reached Rs. 9,000 a quintal and more than 76 % of the arrived finger turmeric sold. Regarding the price, the finger variety increased by Rs. 120-290 a quintal and that of the root variety by Rs. 100. At the Erode Turmeric Merchants Association, the finger turmeric went for Rs. 5,434-9,008 a quintal and the root variety at Rs. 5,134-8,131.
Trading Ideas
Turmeric trading range for the day is 6662-6926.
Turmeric prices ended with losses as market is expecting a good crop this season.
NCDEX accredited warehouses turmeric stocks dropped by 295 tonnes to 190 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 7666.65 rupees gained 1.95 rupees.
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