Weekly Market Reports of International Spice Commodities – Turmeric
Turmeric futures closed up on short covering due to reports on good demand from North India. Export data by the Spices Board also supported the uptrend. According to Spices Board data, the export is estimated to touch 50000 tonnes in 2011-12, up 83 percent from the previous year. However, expected rise in daily arrivals amid gain in the prices made the last few days are likely to pressurize the prices. Higher stocks with the farmers may also increase the daily arrivals. Turmeric arrivals in Erode market were around 13000 bags, up by 3000 from previous day, while in Nizamabad arrivals were unchanged at 1200 bags. The finger variety was quoted at Rs.4500 ($85.76, €64.06, £55.11) and Rs.5600 ($106.72, €79.72, £68.58) per 100 kg in Erode and Nizamabad respectively.