Improved buying by the market participants at support levels led prices to settle 1.27% higher on Tuesday while Spot prices weakened on account of increased arrivals and limited offtakes yesterday.
Production, Arrivals and Exports
Arrivals in Nizamabad and Erode mandi stood at 6,000 bags each respectively on Tuesday.
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
Looking for Trading Advisories? Visit tips.commodityonline.com
