In NCDEX turmeric April contract is trading at Rs.4572 per quintal, higher by 2.96 per cent on 14:40 IST against the previous close.
In the morning session the contract traded at a range of Rs.4450-4626 per quintal. Open interest of the contract is 10130 lots and volume traded is 7305 lots for the time being.
Turmeric production for the year 2011-12 is projected at historical high of 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010- 11. Erode is expected to produce45 lakh bags of Turmeric a rise of 29% as compared to previous year.
According to Spices Board of India, exports of Turmeric during April 2011- October 2011 stood at 50,000 tonnes as compared to 32,000 tonnes in 2010-11, rise of 56%. Targets set by the Spices Board have already been met till October 2011. Exports are expected to touch new historical levels in 2011-12.