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Turmeric remained under focus on the NCDEX last week. Short covering at the lower level during the early part of the week lifted prices. October contract made a weekly high of ₹7,264 per quintal from the previous week close of ₹6,884 per quintal, posting a gain of 5.52 per cent on a weekly basis.
Spot markets also witnessed active interest from upcountry traders ahead of festive and marriage season. Besides, the rally was triggered by reports of crop damage across Telangana and Andhra Pradesh, which received incessant rains during the second fortnight of September. According to news sources, over 2.5 lakh hectares of crops such as turmeric, chilli, soyabean, paddy, cotton, have been damaged. The extent of damage to turmeric is yet to be assessed. Though overall acreage under turmeric is marginally higher than last year, production is expected to fall because of lower yield.
For the week ahead, turmeric is expected to remain bullish.
The writer is Head – Commodity Research, Karvy Comtrade
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