Turmeric futures closed higher for the second consecutive session on Tuesday due to short covering
It slipped to 12-weeks low 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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