On the NCDEX, major May contract agri commodities exhibited a mixed trend Tuesday. Pepper gained weight while turmeric dropped. Palm oil on MCX traded on a negative node.
Pepper settled at Rs 29358/quintal due to a squeeze in local supplies and lower stocks. It touched a high of Rs.29492 and a low of Rs.28495.
Unseasonal rain in last October-December affected the yield of pepper vines and is likely to slash output this year, industry officials said. Good demand from US and EU countries are likely to push the prices in near term. According to sources, Brazil crop is expected to be down this year with around 10% drop in Lampong crop.
Turmeric on Tuesday closed at Rs.8624 before touching a high of Rs.8710 and a low of Rs.8606. India’s turmeric output in 2011 is expected to be higher because of increased acreage. Exports of turmeric was down around 9% to 42,500 tonnes with value of exports was up by 78% to Rs 608.85 crores, During April-February 2010-11. India’s turmeric output in 2011 is expected to be higher because of increased acreage.