Turmeric Market News Update By Market Magnify
Turmeric on NCDEX settled down by -0.11% at 7350 on slackened demand at the spot market. Moreover, arrival of medium quality turmeric from the producing belts too influenced turmeric prices. Prices of turmeric were down as turmeric yield and output is expected to improve in 2017-18 on good monsoon in the Southern India.
Turmeric output may rise at 1-1.1 million tons in 2017-18 season compared to last year. In 2016-17, turmeric output is pegged at 1.13 million tons by government in the third advance estimate, higher from 943,000 tons in 2015-16. Moreover, despite of marginally lower sowing this year turmeric production is expected to rise on favourable rainfall. Sowing in Telangana is almost complete in 45,000 hectares, lower by 1,000 hectares on year and crop is in vegetative stage.
* Turmeric trading range for the day is 7280-7416.
* Turmeric prices ended with losses on slackened demand at the spot market.
* Prices of turmeric were down as turmeric yield and output is expected to improve in 2017-18 on good monsoon in the Southern India.
* NCDEX accredited warehouses turmeric stocks dropped by 35 tonnes to 3838 tonnes.
* In Nizamabad, a major spot market in AP, the price ended at 7372.2 Rupees dropped -22.25 Rupees.
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