NCDEX August Turmeric close higher by close to 2% on Monday on good physical demand from upcountry buyers and stockists as Telangana, highest producing turmeric state, has received large deficient rains (-48% LPA) last week. In Telangana, turmeric acreage as on 13-Jul-17, up 14.3% to 24,000 hectares as compared to last year acreage of 21,000 hectares. The normal acreage is close to 47,000 hectares. Market arrivals dropped about 60% in June compared to May. 

About 8,627 tonnes arrived in first 15 days in July compared to 10,703 tonnes in previous fortnight. As per the data release by government, turmeric exports during first four months in 2017 is 42,855 tonnes, up 40.7% compared to last year same period.

Outlook

Turmeric futures expected to trade sideways to higher on good physical demand and below normal rains in Telangana in last 10 days. Moreover, improving demand from upcountry buyers and expectation that farmer may sow lesser area this season may keep the prices supported.

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