Turmeric futures edged lower to close at 6,376 rupees per 100 kg on Wednesday due to profit booking by the market participants.
Prices have improved after it slipped to 12-weeks
low (6,230 levels) on Monday due to higher deliveries at
Exchange. For June, about 3400 tonnes of delivery allocation is
done till 21st June against 10 tonnes delivery last year. 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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