MUMBAI (Commodity Online): Turmeric futures declined on Monday on the back of higher arrivals from the fresh crop amid higher output concerns from the next crop year. Poor demand from the overseas buyers also pressurized the futures to trade lower.
In NCDEX turmeric May contract is trading at Rs.3570 per quintal, down by 3.14% on 16:40 IST against the previous close. Open interest of the contract is 31620 lots and volume traded is 13455 lots for the time being.
Turmeric production for the year 2011-12 is projected at historical high of 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010-11. Erode is expected to produce 45 lakh bags of turmeric a rise of 29% as compared to previous year.
According to Spices Board of India, exports of Turmeric during April 2011- December 2011 stood at 62,000 tonnes as compared to 37,400 tonnes in 2010-11, rise of 66%.