Turmeric futures edged higher on Wednesday to close at 6,790 rupees per 100 kg due to short covering by market participants. Prices have been under pressure since last one week due to sufficient stocks arriving in the market coupled with expectation of good production next year. 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. 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 The rain deficit in south peninsula down to currently at 5% above normal rains from about 30% deficit in July.
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