Commodity Trading Tips for Turmeric by KediaCommodity

Ajay Kumar Kedia 12 July 2012

Turmeric yesterday we have seen that market has moved -2.77% on profit booking by the traders though firm demand during the festive seasons limited the downtrend. Turmeric production for the year 2011-12 is projected at historical high of 90 lakh bags compared to 69 lakh bags in 2010-11. Erode is expected to produce 55 lakh bags of Turmeric a rise of 29% as compared to previous year. According to Spices Board of India, exports of Turmeric during April 2011- March 2012 hit a record high of 79,500 tonnes. Turmeric acreage in India, the world's biggest producer and exporter of the yellow spice, is likely to fall 30 percent this season, reducing exports in 2013/14, even though total overseas sales are still expected to be above average. Turmeric is planted between June and August and takes about nine months to harvest. Turmeric has been sown in 0.10 lakh hectares in A.P as on 04th July 2012. The slow progress of the rains could push back sowing, hurting yield and output. Turmeric acreage in India, the world's biggest producer and exporter of the yellow spice, is likely to fall 30 percent this season, reducing exports in 2013/14 even though total overseas sales are still expected to be above average. In Nizamabad, a major spot market in AP, the price ended at 4158.75 rupees gained by 2.9 rupees. Market has opened at 4852 & made a low of 4676 versus the day high of 4886. The total volume for the day was at 24675 lots and the open interest was at 23885.Support for turmeric is at 4627 below that could see a test of 4547. Resistance is now seen at 4837 above that could see a resistance of 4967.