Turmeric Spot mandis remained closed on the occasion of Diwali.
Turmeric futures witnessed selling by the market participants and settled near lower freeze of 4% on Monday.
Production, Arrivals and Exports
Arrivals in Nizamabad mandi remained steady around 1,000 bags while Erode mandi witnessed arrivals of 16000 bags on Friday (21st October, 2011). (Each bag weighs (70-75kgs).
Turmeric production for the year 2011-12 is projected at 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010-11. However, area covered under turmeric till 26th September, 2011 stood at 0.67 lakh ha 2.9% lower as compared to 0.69 lakh ha in the previous year. Area covered under Turmeric in 2011-12 is however higher than the five year hectares average of 0.63 lakh.
According to Spices Board of India, exports of Turmeric during April 2011- August 2011 stood at 36,500 tonnes as compared to 24,000 tonnes in 2010-11, rise of 52%.
Courtesy: Angel Commodities
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