MTECHTIPS:Turmeric futures weak trend domestic demand lower side
Turmeric futures may extend the weak trend because the domestic demand stood on lower side as the stockists are waiting for the new crop to arrive in January. Weak export demand too weighs on the market sentiments. Alternatively, the farmers are holding back their stocks expecting a rise in price on reports that the Government will fix a Minimum Support Price. On Tuesday, turmeric arrivals in Erode and Nizamabad were around 2500 bags (1bag=70kg) and 800 bags, correspondingly. The finger variety fetched Rs.5100- 5400 per 100kg. Total production of turmeric in India in 2012-13 is expected to be around 50-60 percent lower compared to last year’s record high of 90 lakh bags.