International Spice Commodities Update – Turmeric

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Turmeric futures ended lower due to expectation of higher output in the current season. Meanwhile, strong demand from spice firms limited sharp downtrend. The country’s turmeric production in 2012 is seen up by near 30 percent at around 10 million bags (1 bag = 70 kg). As of Monday, turmeric arrivals in Erode were around 16500 bags.

Spot price of the finger variety was steady at Rs.4100 ($83.75, €62.30, £52.58) per 100kg.  Turmeric futures are expected to improve on reports of firm price trend in the spot market. As per market source, the traders are accumulating stocks from the local market by quoting lesser rate.

Outlook for the day is negative. NCDEX April contract is getting resistance near of Rs.4900 ($100.09, €74.46, £62.83) with support being Rs.4660 ($95.19, €70.81, £59.76). per quintal.

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