Tuesday, May 3, 2011
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Turmeric declines on low production estimates
Turmeric futures continued decline on higher production estimation and arrivals in spot market dampened the sentiments. However less arrivals compared with previous day s’ had supported the prices from further decline.
Spot prices remained steady and fresh arrivals in Nizamabad and Erode is estimated near 7000 bags and 10000 bags respectively.
However robust demand for the salem crop had supported the prices. Production is expected on the higher side due to increased acreage of cultivation due to good monsoon.
Production in 2011 is expected around 65-70 lakh bags compared with 45 lakh bags in the last year.
Courtesy: Geojit Comtrade Limited
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