Commodity Trading Tips for Turmeric by KediaCommodity

Ajay Kumar Kedia 12 September 2014

Turmeric settled down -1.16% at 6284 due to sluggish demand in the domestic as well as export market. Further, higher acreage in Telangana and lack of buying activity following shortage of good quality arrivals from the major producing belts too influenced turmeric prices. Lack of new orders deterred turmeric sale. The traders, for want of new orders from North India, are buying limited quantities and keen on quality produce. Yesterday 2,000 bags of turmeric arrived for sale, but only 890 were sold. Prices were up by Rs. 200 a quintal for hybrid finger turmeric and traders purchased all the 120 bags on offer. They also procured 50 bags of hybrid root variety Rs. 200 lower than Tuesday. Prices of other varieties remained unchanged. At the Erode Turmeric Merchants Association sales yard, the finger turmeric fetched Rs. 3,929 – 6,019, the root variety Rs. 3,677 – 5,589. At Erode market sources reported arrivals at 3000 quintals, higher by 1000 quintals as compared to previous day. At Nizamabad market total arrivals are at 1500 quintals, unchanged as compared to previous day’s arrival. Sowing of Turmeric in AP for the 2014-15 season is reported at 0.113 lakh ha, as against 0.09 lakh ha last year and a normal sowing of 0.15 lakh ha. The area in Telanaga stood at 0.444 lakh ha against 0.42 lakh ha last year. In Nizamabad, a major spot market in AP, the price ended at 6179.15 rupees dropped -53.35 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 4.76% to settled at 14540 while prices down -74 rupee, now Turmeric is getting support at 6228 and below same could see a test of 6174 level, And resistance is now likely to be seen at 6362, a move above could see prices testing 6442.