Turmeric futures corrected on Tuesday due to technical trading by the market participants. However, there is anticipation of good demand from the festival season as supplies will decrease due to slower arrivals from the last year stocks. Turmeric Nov’16 delivery contract on NCDEX closed 0.36% down to settle at Rs 7,198 per quintal. Moreover, fresh upcountry demands as festival season approaching is also supporting the prices.The demand from the industrial buyers is supporting the prices just before new season harvesting. On the export front, country exported about 42,923 tonnes of turmeric during April-July period up by 34.5% compared last year, as per department of commerce data. Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on turmeric prices at higher levels.
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