Turmeric Strong In Spot Market On Better Buying

MUMBAI (Commoditiescontrol) – Turmeric gained by Rs 100-150/100kg at the various market of the country on Tuesday due to better buying from exporters and upcountry buyers.

Supplies in the spot market has dropped in the recent times as they (mainly stockists) are not interested to sell their produce at the current lower level, said traders.

There was some exports demand in the past, but it was domestic demand which was lacked and has kept prices under pressure, but now good demand has observed in the past couple of sessions.

According to Nizamabad-based trader “Turmeric stocks in the country is expected to be around 40-42 lakh bags (70kg each) and the new crop is likely to arrive only by February.

Until then around 25-27 lakh bags of turmeric is likely to consumed either domestic market or exports, which means around 15 lakh bags of the commodity will be left as ending stocks, lower than last year, he said.

Opening stocks of turmeric during the current season 2015-16 was estimated at 30 lakh bags.

Turmeric sowing in growing belts has not picked up due to lack of sufficient rainfall and setback in rain would certainly fuel it prices as stocks are mainly held by stockists and not by farmers , he added.

Turmeric in the international market is around $3.31/kg versus $3.53 same period last year.

Turmeric for July delivery closed 0.4 percent, or Rs 36 higher at Rs 8,364/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX). The contract traded within range of Rs 8,280 to Rs 8,420.

Market	Variety	Min	Max
Nizamabad	Gatha	8100	8000
Nizamabad	Finger	8600	8600
Nizamabad	Double Polish Finger	9400	9300
Nizamabad	Double Polish Gatha	8900	8800
Nizamabad	Arrivals	2000	2000
Duggirala	Gatha	7300	7400
Duggirala	Finger	7400	8100
Duggirala	Kadapa	7600	7700
Duggirala	Begurpeth/Finger	7900	8000
Duggirala	Arrivals	1700	1700
Basmatnagar	Selam	8400	9000
Basmatnagar	Best Selam	9200	9700
Basmatnagar	Super Selam	10000	10500
Basmatnagar	Arrivals	1000	1000
Sangli	Kadapa	8500	8700
Sangli	Rajapuri	9500	10000
Sangli	Arrivals	3000	3000
Warangal	Kadapa/Gatha	8100	8100
Warangal	Begurpeth/Finger	8100	8100
Warangal	Arrivals	500	500
Ksamudra (Warangal)	Kadapa/Gatha	8100	8100
Ksamudra (Warangal)	Begurpeth/Finger	8100	8100
Ksamudra	Arrivals	500	500
Erode	Finger	8400	8500
Erode	Gatha	8100	8200
Erode	Arrivals	5700	5700

(By Commoditiescontrol Bureau; +91-22-40015533)