NCDEX Turmeric closed higher on Thursday on technical buying from 8-weeks lows.
For june, about 3165 tonnes of delivery
allocation is done till 20th June against 10 tonnes delivery last
year. Improving export demand and forecast of below normal
rains in the turmeric growing areas of the country may support
prices as season progresses. As per Commerce Ministry, turmeric
exports during the month of March, up 25.5% y/y to 13,140
tonnes (Vs 10,473 t). While, turmeric exports in 2018/19 is up by
19.2% compared to last year. Country exported about 1.33 lakh
tonnes of turmeric in FY 18-19 compared to 1.11 lt last year. In
2018/19, production is forecast at 10.77 lt in the 3rd advance
estimates by the government.
Turmeric futures expected to trade under pressure on higher
stocks with traders and farmers. Government procurement in
some states coupled with improving demand for exports will
support price rise.
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