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Spot Turmeric Continues To Rule Stable

22 Jan 2020 7:48 pm
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MUMBAI (Commoditiescontrol) - Spot turmeric prices ruled steady at the major Erode market on Wednesday due to limited demand from local and overseas buyers and on expectations of a higher crop.

A total of 3,500 bags (1 bag = 65 kg) of spice arrived at the Erode market today. While no arrival was reported at other major markets.

According to traders, the outlook for turmeric remains weak as arrivals of the fresh crop have started in key spot markets of Nizamabad, and are likely to gain momentum in the coming weeks.

This season, crop has been delayed by a fortnight as late rains led to poor weather conditions and drying the crop took more time than usual which hampered the arrivals and moisture increased.

Prices are also likely to decline due to expectations of a rise in production in 2019-20 (Jul-Jun) to 1.5-1.6 million bags, against over 1.2 million bags last year, according to industry estimates.

At the National Commodity and Derivatives Exchange (NCDEX), turmeric for delivery in March ended lower by Rs 52 or 0.83 percent at Rs 6,212 per quintal. Similarly, turmeric contracts for April delivery declined by Rs 16, or 0.26 percent, to Rs 6,136 per quintal.






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