Commodity Trading Tips for Turmeric by KediaCommodity

Ajay Kumar Kedia 18 January 2013

Turmeric yesterday we have seen that market has moved 0.3% due to some export enquiries though upside was limited due to mounting stocks and expected fresh supplies. Improved demand at lower levels kept supporting the rates as trading activities has increased. Prices are unlikely to sustain at higher levels because they may drop further with the arrival of new crop. The area under turmeric cultivation is lower this year due to scant rainfall during the planting season and a shift in acreage to other crops, but higher carry-forward stocks are expected to keep supplies firm. Arrivals were modest at 600 bags. The Erode market is also about to open up after the local festivities and could witness a surge in arrivals. The area under turmeric cultivation is lower this year due to scant rainfall during the planting season and a shift in acreage to other crops, but higher carry-forward stocks are expected to keep supplies firm. Festive season in Andhra Pradesh ensured low trading activities in the major mandis though traders expect demand to pick up in coming days. The area under turmeric cultivation is lower this year due to scant rainfall during the planting season and a shift in acreage to other crops, but higher carry-forward stocks are expected to keep supplies firm. Sowings start from May end and extend till August whereas arrivals start from February and extend up to May. In Nizamabad, a major spot market in AP, the price ended at 5638.6 rupees gained by 16.6 rupees. Market has opened at 6560 & made a low of 6530 versus the day high of 6630. The total volume for the day was at 6705 lots and the open interest was at 29055.Support for turmeric is at 6531 below that could see a test of 6481. Resistance is now seen at 6631 above that could see a resistance of 6681.