MUMBAI (Commodity Online): Late revival of monsoon in growing areas like AP and TN brightened prospects of improved crop productivity which had been adversely affected by drought like situation the previous months.
This prevented the upside movement of Turmeric rates. But better demand prevailed in the mandis at the lower levels and this provided support to the prices. Domestic demand is expected to rise at lower levels.
Export demand too had fallen in recent weeks due to the high rates. With low stocks, improved domestic and exports expected and possibilities of lower production looming large, these factors could provide support to the rates.
Trade commodities or equities from across the globe. Join Now Reports of lower crop estimates and lower carryover stock can support the prices in the medium term. Latest reports from traders indicate current stock levels of ~9 lakh bags and production of ~55 lakh bags.
Courtesy: Religare Commodities
