Indian turmeric rises on quality concerns


Dec 13 (Reuters) – Indian turmeric futures rose on Friday due to concerns over the quality of crop because of excess rains in Andhra Pradesh state, though large stocks from the old crop and the approaching new season supply weighed on sentiment.

* The most-actively traded turmeric contract for April delivery was up 2.33 percent at 5,962 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX) at 1032 GMT.

* “There are concerns about the quality of the new crop as rains were in excess in Andhra Pradesh,” said Vedika Narvekar, a senior analyst at Angel Commodities.

* Andhra Pradesh is the top turmeric cultivating state in the country.

* Turmeric cultivation usually begins in the last week of May and continues until August. A lengthy harvesting process starts from January.

* Export demand is lower than expectations as buyers are waiting for the new season crop to come into the market, Narvekar said.

* Spot turmeric rose 44 rupees to 5,227 rupees per 100 kg in Nizamabad, a key market in Andhra Pradesh.

Source: Reuters


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