MUMBAI (Commodity Online): Turmeric futures at National Commodity and Derivatives Exchange (NCDEX) fell sharply on Tuesday on weak export demand and sufficient carryover stocks in the market.
NCDEX December futures weakened to Rs 4972 before rebounding to Rs 5008 levels in noon trade on Tuesday. Turmeric has support on account of rising North India demand and fall in arrivals at Erode Mandi. Arrivals in Erode and Nizamabad mandi stood at 4,000 bags and 1,000bags respectively on Monday.
Turmeric production for the year 2011-12 is projected at historical high of 90 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010-11. Erode is expected to produce 55 lakh bags of turmeric a rise of 29% as compared to previous year. According to Spices Board of India, exports of Turmeric in April 2012 increased by 1% at 7,300 tn as compared to 7,230 tn in April 2011.