NCDEX Turmeric plunge 4.8% last week due to higher deliveries at the Exchange.
For June, about 3400 tonnes of delivery
allocation is done till 21st June against 10 tonnes delivery last
year. Moreover, start to new season planting and steady export
demand is keeping prices under pressure. 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. However, improving export
demand and forecast of below normal rains in the turmeric
growing areas of the country may support prices as season
progresses
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