Turmeric on NCDEX settled down -2.14% at 7946 on expectation of better climatic conditions in growing areas and decrease in physical demand from up-country buyers. Further, decrease in physical demand from up-country buyers too fuelled the downtrend. Turmeric acreage in Telangana as on 10 Aug was up 14 % at 43,000 hectares as compared to 38,000 hectares last year.

The acreage of turmeric is higher compared to normal in both states. As per dept of commerce data, turmeric exports in April- May 2016 increased by 31% compared to last year at 21,256 tonnes. In 2015-16, 85,426 tonnes exported compared to 90,738 tonnes in 2014-15. Only fifty per cent of the arrived turmeric bags were sold at Erode markets on Thursday.

The farmers, expecting good sale of their commodity, brought 7,000 bags and traders purchased only 45-50 per cent stocks. They quoted a higher price for the good quality turmeric. Only local hybrid finger and root variety turmeric arrived for sale which fetched a maximum price of Rs. 9,369 a quintal (finger variety) and Rs. 8,593 (root variety).

At the Erode Turmeric Merchants Association, the finger turmeric fetched Rs. 7,329-9,369 a quintal; the root variety Rs. 7,239-8,269. Of the arrival of 1,933 bags, only 810 were sold.

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