Turmeric Futures witnessed high volatility on Monday. Prices at the Futures initially hit the upper circuit of 2% and thereafter settled at the lower circuit. However, Spot prices remained firm on account of demand from the overseas and domestic buyers.
Expectation that the Andhra government might purchase from the stockists also supported prices. Spot prices settled 2.96% higher.
Production, Arrivals and Exports
Arrivals in Nizamabad and Erode mandi stood at 6,000 bags and 12,000 bags respectively 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
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