Turmeric Slumps More Than 3% On Weak Export Demand .

Turmeric futures shrugged off by more than Rs. 400 quintal in today's trading triggered by steady arrivals in spot market along with waning export demand. The NCDEX May futures wilted almost Rs. 900 per quintal in the last five trading days.

As per market sources, the turmeric arrivals in the benchmark Nizamabad mandi were at 20,000 bags, with prices quoted at Rs. 9800 per 100 kg. The arrivals at Erode in the state of Tamil Nadu were at 26,000 bags and prices quoted at Rs. 10,500 per 100 kg. Meanwhile, in Salem mandi prices were at Rs. 11,000 per 100 kg. While in Nanded mandi of Maharashtra, select quality trading at Rs. 10,000 per 100 kg (Rs 11,500-12,000, as on 8 April) and the Powder quality quoted at Rs. 9,800 per 100 kg (Rs 11,000, as on 8 April). Rajpuri quoted at Rs. 11500 kg and desi Kadappa quoted at Rs. 9500 in Sangli mandi.

Moreover, vanishing export demand at higher levels also added some bearish sentiments in the market. As per the latest release from the Spices Board of India, during April-January 2010-11, turmeric exports dropped by 13% to 38,000 tonnes while value gained by 75% to Rs. 551.35 crores.

The NCDEX Turmeric May prices declined by Rs. 408 per quintal to trade at Rs. 9834 per quintal today.

Source : indiainfoline.com