Turmeric extended losses of the previous day and settled 3.6% lower on Thursday. Spot prices traced the fresh arrivals and settled 2.25% lower despite buying by the overseas buyers. Expectation that the Andhra government might purchase from the stockists is likely to support Turmeric prices.
Production, Arrivals and Exports
Arrivals in Nizamabad and Erode mandi stood at 6,000 bags and 16,000 bags respectively on Thursday.
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%. Targets set by the Spices Board have already been met till October 2011. Exports have touched new historical levels in 2011-12.
Courtesy: Angel Commodities
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