Reports of revival in demand from the overseas and domestic buyers amidst fresh arrivals led Spot prices to settle steady on Monday.
Futures traced the Spot market and settled 0.09% higher yesterday.
Production, Arrivals and Exports
Arrivals in Nizamabad mandi stood at 6,500 bags while Erode witnessed arrivals of 5000 bags on Monday.
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
