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Turmeric Future & Spot Market News

July 13, 2017 at 4:00 PM , Rainbow Exports
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Turmeric: Now it is visible in the market like its colors.

Turmeric: visible in the market like its colours.

Turmeric found the above circuits today on future markets. There is an increase in spot market prices of turmeric due to poor rainfall in Tamilnadu and other growing state. Turmeric futures surged to 11 month-high on Wednesday & Thursday on fear of deficient rains in growing region of the turmeric.

Total export of turmeric in the year 2016-17 is 1,165,00 mts. While the exports in the year 2015-16 was 88,500 mts. and the government's target for the year 2016-17 was 90,000 tonnes. In the last year, due to the good export demand and the good international environment like the year 2016-17, the trends in the spices are getting visible.

Moreover, there is expectation of improving demand from the industrial and Exports which will diminish the supplies in the physical market and expectation of lower acreage support surge in turmeric prices. 

Turmeric contract for August delivery on the NCDEX (online platform) went up by 8.6% to trade at $1175 per mt. during the current week. This will be sixth consecutive weekly increase for turmeric futures.

According to Indian Meteorological Department, rain over turmeric growing regions in Karnataka, Telangana, Tamilnadu,and Maharastra Statwe during the first 40 days of monsoon season has been below normal, which may have an adverse impact on the turmeric crops. 

"The trend looks higher on the hope that there will be erratic monsoon over turmeric growing regions which may affect yield and production. Moreover, the anticipation of lower acreage in Tamilnadu, Karnataka and Maharashtra due to the lower realisation of prices during last season may also support prices,”

Market experts believe that turmeric was trading last month at its lowest levels. This led to the procurement of business buyers, traders, stockist, etc. According to the experts, turmeric can still be a trend for the fast. A lot will depend on rain in Tamil Nadu in next coming days. 

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