Turmeric Futures witnessed sharp gains owing to improved buying by the market participants and settled 13.36% higher w-o-w. Expectation that the Andhra government might purchase from the stockists also supported prices. Spot prices settled 1.74% higher.
Production, Arrivals and Exports
Arrivals in Nizamabad and Erode mandi stood at 4,000 bags and 12,000 bags respectively on Friday.
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- November 2011 stood at 58,000 tonnes as compared to 35500 tonnes in 2010-11, rise of 56%. Targets set by the Spices Board have already been met till October 2011. Exports are expected to touch new historical levels in 2011-12.
Courtesy: Angel Commodities
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