Commodity Trading Tips for Turmeric by Kedia Commodity
Turmeric prices ended with gains on rising exports demand at the spot market. Turmeric output is seen higher at 7 million bags thanks to higher sowing and favorable weather conditions. Prevailing high prices encouraged farmers to plant more turmeric this year. Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on turmeric prices at higher levels. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. The turmeric arrivals in the country is on higher side during second half of March to 79,534 tonnes compared to 63,965 tonnes during last month same period, as per the data. On the export front, country exported about 82,115 tonnes during April-Dec period, up by 28% compared to last year exports of 64,105 tonnes, as per government data. Demand for new turmeric increased. Traders expect the prevailing turmeric price to be maintained for a few more days. At the Erode Turmeric Merchants Association sales yard, finger turmeric sold at Rs. 5,689-8,515 a quintal, while the root variety sold at Rs. 5,506-7,625. At the Regulated Marketing Committee, finger turmeric sold at Rs. 6,449-7,786 a quintal and the root variety at Rs. 6,139-6,669. Technically market is under fresh buying as market has witnessed gain in open interest by 11.69% to settled at 10080 while prices up 4 rupees, now Turmeric is getting support at 6326 and below same could see a test of 6272 level, And resistance is now likely to be seen at 6428, a move above could see prices testing 6476.
# Turmeric trading range for the day is 6272-6476.
# Turmeric prices ended with gains on rising exports demand at the spot market.
# Turmeric output is seen higher at 7 million bags thanks to higher sowing and favorable weather conditions.
# NCDEX accredited warehouses turmeric stocks gained by 148 tonnes to 1933 tonnes.
# In Nizamabad, a major spot market in AP, the price ended at 6173 Rupees gained 0.1 Rupees.