Commodity Trading Tips for Turmeric by KediaCommodity

Ajay Kumar Kedia 31 October 2012

Turmeric yesterday we have seen that market has moved -1.01% due to lack of fresh orders from the upcountry market and exporters. Stockiest also have good carryover stocks with them. Turmeric has been sown in 0.58 lakh hectares in Andhra Pradesh as on 10/10/2012, 30-35% lower over last year. Weak sowing is expected to support the prices in medium term. Turmeric arrivals in the Nizamabad mandi decreased to 800 bags from 2,000 bags over previous close and arrivals in the Erode mandi increased to 5,000 bags from 3,000 bags. Supplies in the domestic market are very less because farmers are not willing to sell their produce at lower prices. Turmeric has been sown in 0.58 lakh hectares in A. P as on 10/10/2012, 30-35% lower over last year. Turmeric Futures traded on a negative note in the previous consecutive sessions, with futures falling below Rs 5 k level, on due to lack of fresh orders from the upcountry market and exporters. Stockiest also have good carryover stocks with them. Sowing is also reported 30-35% lower during the sowing period. The sowing period is from June-August and harvesting begins in January. Demand has almost dried up from overseas buyers and local stockists as they have enough stocks with them. In Nizamabad, a major spot market in AP, the price ended at 4920 rupees dropped by -6 rupees. Market has opened at 5098 & made a low of 5040 versus the day high of 5164. The total volume for the day was at 4230 lots and the open interest was at 12250. Support for turmeric is at 5029 below that could see a test of 4973. Resistance is now seen at 5153 above that could see a resistance of 5221.