NCDEX Turmeric plunge close to 3.5% on Tuesday to 8-week lows on fresh selling by market participants
For june, about 2,300 tonnes of delivery allocation is done till 18th June against 10 tonnes 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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