India Turmeric Under Pressure On Weak Fundamentals (08-Dec-2011)
Turmeric traded sideways in absence of strong Fundamental factors. Improved demand queries were noted but expectations of higher production continuously weighed on the market sentiments at the higher levels.
With present rates being very low, some more recovery cannot be ruled out in the short term if more demand arises. Higher production prospects and better stocks could however keep pressure on the market sentiments.
Traders expect the trend to remain volatile in the short term as improved production prospects and higher stocks could keep the prices under check to some extent.
Reports of stockists holding onto stocks at these lower levels as they anticipate rates improving in coming days.
Good Monsoon reports in AP has reportedly keeping the sowing activities proper. The area sown would however depend on market rates and if falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.
The total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11. Higher acreage from the high rates is stated the reason for the rise in expected production as per traders.
Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January.
Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.
Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-Sept 2011 have risen by 46% to 41500.
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