Turmeric prices have witnessed northward move in last trading session of the day on the account of bargain buying by traders and stockiest against restricted supply in spot market.Strong demand in spot market has maintained bearish sentiments in turmeric market as trader and stockiest have witnessed active participation at lower levels. On the other side, current situation is more tilted. towards bulls as waning stocks position, in the country against upcoming strong demand in domestic market.
Might keep the turmeric prices supportive at lower levels.The total stock position of Turmeric was at around 15.50 lakh bags, where Andhra Pradesh reported 6.25 lakh bags ,Karnataka 7 lakh bags , Maharashtra 1.80 lakh bags and others 0.45 lakh bags. On the other side , strong demand during the month of Se November to December might leave the carry over stocks of the country with only 3-4 lakh bags.
However, the total production of the current year is likely to be around 45 lakh bags from 44 lakh bags reported last year . Higher production was on the account of sturdy rise in sowing acreage in Tamilnadu , while some decline has been reported in Andhra Pradesh.In today's trading, the Benchmark December Turmeric futures were quoting at Rs 3860 per quintal, up Rs 20 in today's trading after hitting the intraday high of Rs 3881 per quintal.
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