Spot prices of Turmeric at benchmark Erode and Nizamabad were quoted at discount in the beginning of the week but strengthened on Friday due to improved offtakes by the local stockists.

Arrivals in the Erode mandi were reported at 5,000 bags against 4000 bags and Nizamabad mandi witnessed arrivals of 500 bags.

Turmeric prices corrected by 5.5% in the previous week and touched a low of Rs.11,862/qtl and ended negatively on Saturday.

According to the market sources, Turmeric production is expected to be better and is projected at 65-67 bags as compared 48 lakh bags. Turmeric stocks with the stockists are projected at 15 lakh bags (each bag weighs 70-75 kgs.).

Turmeric stocks in the NCDEX warehouse, stood at 4637 tonne as of 03rd September, 2010.

Courtesy: Angel Commodities

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