Commodity Trading Tips for Turmeric by Kedia Commodity

Turmeric on NCDEX settled down -1.36% at 6798 due to easing domestic and export demand amid expectations of higher output. In coming days, arrivals are expected to increase which could put pressure over prices. Prices may decline due to pressure of arrivals but improved domestic and export demand for the new turmeric may support prices. New crop arrivals have started in all the major producing centres of Andhra Pradesh, Telangana, Maharashtra, Odisha. Production in the ongoing season is expected to increase mainly on higher sowing area and favourable weather conditions in Maharashtra, Telangana and Andhra Pradesh etc. According to trade sources turmeric output is expected to be around 7.5-8 million bags. India's Apr-Sept turmeric export stood at 59,000 ton up 47% on year, according to Spices Board data. At Warangal market sources reported arrivals at 250 bags, higher by 50 bags as compared to previous day. At Erode market sources reported arrivals at 5700 quintals, higher by 700 quintals from previous trading day. The arrival of turmeric bags for sale has increased to five thousand. At the Erode Turmeric Merchants Association sales yard the finger turmeric sold at Rs. 5,214 to 8,666 a quintal, root variety sold at Rs. 5,199 to Rs. 7,788 a quintal. At the Regulated Marketing Committee the finger turmeric sold at Rs. 6,903 to Rs. 8,631 a quintal, root variety sold at Rs. 6,869 to Rs. 7,769 a quintal. Technically market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 13010 while prices down -94 rupees, now Turmeric is getting support at 6746 and below same could see a test of 6694 level, And resistance is now likely to be seen at 6864, a move above could see prices testing 6930.

Trading Ideas:

# Turmeric trading range for the day is 6694-6930.

# Turmeric prices dropped due to easing domestic and export demand amid expectations of higher output.

# Prices may decline due to pressure of arrivals but improved domestic and export demand for the new turmeric may support prices.

# According to trade sources turmeric output is expected to be around 7.5-8 million bags.

# In Nizamabad, a major spot market in AP, the price ended at 6981.25 Rupees remains unchanged at0 Rupees.