Turmeric prices spurt on export demand
A sudden spur in the export demand coupled with lower production have triggered turmeric prices in the futures market by 2.33% to Rs 3,545 per quintal on Wednesday.
By PTI |
NEW DELHI: A sudden spur in the export demand coupled with lower production have triggered turmeric prices in the futures market by 2.33% to Rs 3,545 per quintal on Wednesday. ���Turmeric prices at the NCDEX counter are bullish because of the strong export demand and tight domestic supplies,��� said Karvy Comtrade analyst Amand Rajalaxmi .
Exporters are enquiring and placing orders much in advance this year. The demand, which normally picks up during August-September period, however, have started pouring in may itself, she said. India exported about 44,000 tonne of turmeric during April-February 2007-08 period.
At 1300 hours, turmeric prices of most active June contract shot by 2.33% to Rs 3,545 per quintal, May contract rose by 2.30% to Rs 3,729 per quintal and August contract went up by 2.28% to Rs 3,728 per quintal.
���Exporters are rushing to the market in anticipation of lower production, which is estimated to be at 7.5 lakh tonne in the current season against 8.9 lakh tonne in a year-ago period,��� said Nizamabad-based trader Suryanarayan Saboo.
Arrivals have slowed down in the last few weeks despite there being a strong demand for the commodity. Arrivals have come down to 3000 tonne on Wednesday from 10,000 tonne on a daily basis, he added.
���So far 8.5 lakh bags of turmeric have arrived and we are expecting another 2.5 lakh bags in the coming weeks,��� he said. Prices are bullish in the physical market as well. Prices at nizamabad market in andhra pradesh have increased to rs 3,200-3,600 per quintal today from rs 1,900-2000 per quintal in the last year.
Exporters are enquiring and placing orders much in advance this year. The demand, which normally picks up during August-September period, however, have started pouring in may itself, she said. India exported about 44,000 tonne of turmeric during April-February 2007-08 period.
At 1300 hours, turmeric prices of most active June contract shot by 2.33% to Rs 3,545 per quintal, May contract rose by 2.30% to Rs 3,729 per quintal and August contract went up by 2.28% to Rs 3,728 per quintal.
���Exporters are rushing to the market in anticipation of lower production, which is estimated to be at 7.5 lakh tonne in the current season against 8.9 lakh tonne in a year-ago period,��� said Nizamabad-based trader Suryanarayan Saboo.
Arrivals have slowed down in the last few weeks despite there being a strong demand for the commodity. Arrivals have come down to 3000 tonne on Wednesday from 10,000 tonne on a daily basis, he added.
���So far 8.5 lakh bags of turmeric have arrived and we are expecting another 2.5 lakh bags in the coming weeks,��� he said. Prices are bullish in the physical market as well. Prices at nizamabad market in andhra pradesh have increased to rs 3,200-3,600 per quintal today from rs 1,900-2000 per quintal in the last year.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
