Turmeric seen staying weak on good crop

Stock pile-up, low domestic and export demand, and prospects of a good crop for 2006 are likely to keep India's spot turmeric prices in negative territory for the rest of the year, dealers and analysts said.

"From the way prices are moving, it looks like turmeric is not going to have a bright future," Jitendra Nagla, proprietor of Nizamabad-based Neelkanth Corporation and Jagnathji Industries, said.

Prices in spot markets across the country have already started to fall and in Tamil Nadu's Erode, the main spot market, prices have fallen to Rs 2,400 100 kg against Rs 2,600 in August. In Sangli, Maharashtra, prices of the superior 'garbha variety' have fallen to Rs 2,200 per 100 kg from Rs 2,500 a month ago.