Improved fresh arrivals from the domestic market led Spot and Futures prices to shed gains of the previous week and settled 4.94% and 9.33% down w-o-w. Prices overlooked buying by the overseas buyers and settled down.
Production, Arrivals and Exports
Arrivals in Nizamabad and Erode mandi stood at 7,000 bags and 16,000 bags respectively on Friday.
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 produce 45 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- December 2011 stood at 62,000 tonnes as compared to 37,400 tonnes in 2010-11, rise of 66%. Targets set by the Spices Board have already been met till October 2011. Exports have touched new historical levels in 2011-12.
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