Bullish trend continued in turmeric futures on the back of strong export enquiries in local mandies accompanied with weak production estimates for the current year . The NCDEX futures increased by almost Rs 46 per quintal.
Traders mentioned steady offtake by exporters at lower levels in the major mandies of Nizamabad and Erode prompted some buying in the spot prices. The spot prices of Turmeric in Nizamabad mandi swelled by Rs 300 per quintal in the last two trading days to trade in the range of Rs 5250-5300 per quintal. The overall arrivals were remained thin at around 1500 bags against 2500-3500 bags reported earlier.
The prices were also bolstered by weak production estimates for the current year. The market data suggested that the total production of turmeric for the current year is estimated at 60 lakh bags against 75 lakh bags that were reported in the previous year. The major decline is production is mainly due to poor prices of turmeric throughout the marketing season.
The NCDEX November futures added Rs 46 per quintal to close at Rs 4846 per quintal today. The NCDEX futures added 9.90% in open interest indicating fresh long position by traders.
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