On July 1, India's Prime Minister Manmohan Singh would convene a meeting of the respective...
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According to market sources, turmeric price in the Nizamabad spot market stood at Rs 5,600-5,700 ..
By Col. Ajay
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NEW DELHI (Commodity Online): Turmeric prices in India have moved up, after witnessing a negative trend for last few months, on higher arrivals, stocks and better crop prospects.
Further turmeric price recovery is expected on winter demand and export, traders said. Concerns on weather (especially in Karnataka state) may help prices to move up.
Low supply, pick up in domestic demand and exports are expected to help turmeric prices to move further – according to Religare Commodities.
On the other hand reports of better production prospects, higher stocks and arrivals could keep prices from turning bullish in both futures and spot market.
Fresh crop is estimated around 50-60 lakh bags against 80-90 lakh bags reported last year but available stocks are so high that they will result in huge supplies in coming year.
The expected Turmeric exports for April 2012 have risen by 1% to 7300MT from 7230MT in April 2011 – states Spices Board of India.
Turmeric futures on India's National Commodity and Derivatives Exchange (NCDEX) for April contract were up by 2.12 percent at Rs. 6082 per 100 kg as of 11.44 IST on December, 10.
“Trend is looking bullish and some more buying is expected. Support is at 5600 and resistance 6500. Trading above 6500 may touch 7010 level,” says Milan Shah reacting to the turmeric trend on NCDEX.
Farmers are also want to offload most of their old stocks ahead of fresh crop arrivals. Traders are expecting further fall in prices as soon as the fresh crop arrivals will hit the market by next month.
According to Growers, they have to sell at least 50 per cent of their stocks before December end as new crop is estimated around 50-60 lakh bags which might be sufficient to meet the demand
In Andhra Pradesh, turmeric sowing completed on around 0.58 lakh hectares down by 28% Y-o-Y.
Last week, at the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs. 4,089-5,319; the root variety Rs. 3,886-4,619.
