India: Turmeric slouches on cheap imports from China.

Cheap imports from China coupled with rise in sowing acreage of turmeric crop in major sowing states lead the fall of turmeric prices from the last one week in major mandies.

As per market sources, some of the traders have imported the turmeric from China at Rs 13000 per quintal with the total quantity of almost 1000 tonnes . And this has increased the stockiest liquidation at major mandies . The total daily arrivals of around 6000-7000 bags were reported in major mandies. The carryover stocks of turmeric are currently at 17 lakh bags against 10 lakh bags reported last in the same period.

Prices were also daunted by possibility of strong production in the current year as the total sowing acreage of turmeric has augmented by almost 25% due to timely monsoon in major growing states such as Andhra Pradesh and Maharashtra.

Therefore, the spot prices of turmeric at Erode mandi have pared Rs 200 quintal to reach Rs 14300 per quintal while prices at Nizamabad mandi were quoted at Rs 14700 per quintal , down Rs 200 per quintal. Traders are anticipating further decline in the coming days in the light of dearth of export demand along with strong stockist selling.


Source: indiainfoline.com