| Date: |
17-07-2010 |
| Subject: |
Turmeric Moves Northwards On Strong Export Demand |
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Weak carryover stocks coupled with strong export demand maintained the bullish sentiments in turmeric market. The future prices of turmeric increased by almost Rs 350 per quintal in last three days.
As per market sources, the total carryover stocks of turmeric have reduced to 12 lakh bags against 16 lakh bags reported last year in the same period. The total stocks at Jaipur mandi were at 0.60 lakh bags against 1 lakh bags reported last year while stocks at Erode and Nizamabad mandi stands at 5 and 7 lakh bags respectively, down almost 40-45% from last year.
Prices were also well supported by steady export demand. As per latest data release by Spice Board of India, total turmeric exports during May to June period have gained 8 percent to 10,350 tonnes while earnings increased by 113% percent to Rs 12,784.55 lakh.
Therefore, the future prices of Turmeric Benchmark august contract spurted by Rs 350 per quintal and were trading at Rs 14350 per quintal.
Source : India Infoline
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