Turmeric settled down as pressure due to profit booking after prices gained on the back of fall in supplies from producing belts. Traders in Erode have received some upcountry demand, so traders procured a good number of bags. Arrivals increased to 7,000 bags of which 5,100 were sold. Buyers were keen in buying hybrid turmeric and also the local root variety. They purchased all the 1,300 bags of the hybrid variety quoting a higher price.

Buyers also procured good quality local root variety as they received specific demand from North India. As per the market sources, the total production of turmeric in the current year is expected to be around 35-37 lakh bags against 52 lakh bags of the last year. This is mainly due to weak production forecast in major producing states such as Andhra Pradesh and Tamilnadu. Sources mentioned that weak rainfall so far in the major growing regions of turmeric in the state such as Nizamabad and Warangal will reduce the crop to 17-18 lakh bags from 22 lakh bags projected in the last year. While the total crop size of turmeric in Karnataka is estimated lower at 5 lakh bags from 7 lakhs bags in 2013-14 due to weak rainfall so far in the current year and poor price realization from turmeric crop.

In Nizamabad, a major spot market in AP, the price ended at 6288.85 rupees gained 108.3 rupees.  

Source :-Commodityonline