INDIA: There has been increased selling of turmeric before the monsoon. The news of the arrival of the monsoon increased the bags reaching Erode spot market to 4.500. However, the price earlier has increased only by $0,01 per kg.
Current Scenario
Despite soon to arriving monsoon, there is a sluggishness in the market. The turmeric bundle in Erode was quoted at $1.05 per kg. Earlier, the active future of the spice rose by 1,39 percent, i.e., $0,01 per kg, to reach $1,03 per kg. It was due to speculation about the arrival of monsoons and the limited availability of the commodity.
In Erode, there were reports of the arrival of 3.500 bags of turmeric, and the price remained at last weekend’s level.
The active futures have currently declined by 0.87 percent to $1,03 per kg due to the weakening of speculators’ buying of $1,04 per kg.
Future
In the next six to seven days, the Haldi Erode Gatta Edge Int will remain bearish by $0,05 per kg and decrease to $1,04 per kg. Market experts believe the weak buying will continue even with the low prices; as a result, turmeric is not expected to rise in the spot in the coming.
Price Trend
Turmeric Finger (Salem, Double Polished) quality is being offered at 1,16$ FOB.