MUMBAI (Commodity Online): Turmeric futures expected to open lower on Saturday due to rising stocks in the domestic markets amid higher production concerns in the coming crop year.
In NCDEX on Friday, turmeric April contract ended slightly up on fresh buying at Rs.4664 per quintal against the previous close.
Turmeric prices in the intraday are expected to trade sideways due to lacklustre demand from the domestic buyers. However, any reports of fresh overseas enquiries might support Turmeric prices, according to an analyst with Angel Commodities.
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 produce45 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.
