Turmeric futures may trade higher : Geofin Comtrade

Geofin Comtrade report on agricultural commoditiesMarket Updates: Turmeric futures may trade higher due to reports of limited arrivals and good demand for the spice in major spot markets. The prospects of rise in demand from overseas market and low output estimates too limited the fall in price. The government has cut its estimate for turmeric output to 852000 tonnes for 2014-15 (Jul-Jun) from the previous projection of 1.19 million tonnes. According tolatest report from Spices Board of India, shipments of turmeric during Apr-Jun increased 8 percent to 24500 tonnes. Telangana, the major turmeric producing state was lagging the year ago sowing level due to deficient rainfall. Turmeric acreage in Telangana was at 40823 ha as on 07th Oct 2015, compared with 43470 ha a year ago, according to latest data from the state's agriculture department. The normal area for turmeric as on date in the state is 49691 ha. As per trade source, turmeric area in Andhra Pradesh has recently risen to around 11700 ha from the year ago level of 10300 ha, but the yield there still remains a concern. Conversely, there are reports that Erode is likely to compensate for the declines in other areas due to good irrigation facilities in the district. Another dampener for the bulls would be abuzz of ample carryover stocks.For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions

Read More