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Turmeric Update

posted Apr 20, 2011, 4:35 AM by Unknown user

Rates shot up for Turmeric as demand rose at the lower levels. Traders anticipate rates to have fallen significantly over the last few weeks and expect the demand to rise at these low rates. Export demand from Gulf countries supported the prices to some extent. Further prospects of improved export and domestic demand in coming weeks are there. 

But reports of higher arrivals, higher stocks and relatively low export demand continued to pressurize prices. Good rains in the growing areas of AP and Karnataka also raised possibilities of a better crop this year. With sowing area in these 2 states expected to rise, it can pressurize the prices to some extent. Traders expect production to range between 65-70 lakh bags vs ~48 lakh bags last year (1 bag = 70-75 kg).