Turmeric futures closed higher for second consecutive week due to lower level buying and reports of crop damage in Maharashtra and karnataka to close at 7,076 rupees per 100 kg. We have seen some improvement in physical demand. But sufficient supplies and steady export is pressurizing prices earlier. Exports to Iran have come to a standstill since May with the expiry of the US sanctions waiver to India for six months. Turmeric exports in June, down 16.22% y/y to 11,883 tn (Vs 14,183 tn), as per govt data. However, turmeric exports in first half of 2019, up by 5.1% to 66,300 tn compared to 63,000 tn. In 2018/19, output is forecast at 10.77 lt in the 3rd advance estimates by the government. The rain deficit in south peninsula down to currently at 5% above normal rains from about 30% deficit in July.
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