Commodity Trading Tips for Turmeric by Kedia Commodity
Turmeric on NCDEX settled down by -0.86% at 6196 tracking lower prices in spot market due to higher supplies and steady demand. Turmeric farmers and traders have been hit hard by poor sales during peak season. Many traders and farmers expected good sales of turmeric during the peak period, which started a month ago. But, this year, for the first time in recent history, both farmers and traders are in agony due to poor production and tepid demand from North India. However, turmeric arrivals in the country is on higher side during second half of March at 79,534 tonnes compared to 63,965 tonnes during last month same period, as per the data. On the export front, country exported about 89,704 tonnes during April-Jan period, up by 28.3% compared to last year exports of 69,870 tonnes, as per government data. There are expectations of improved demand in coming weeks as prices are lower. At Erode market arrivals were reported at 8000 quintals, up by 3000 quintals from previous trading day. At Nizamabad market arrivals were reported at 45000 quintals, up by 30000 quintals as against previous day. At Warangal market estimated market supply was at 2500 bags, up by 1000 bags as compared to previous day. The arrival of turmeric especially the new turmeric increased. At the Erode Turmeric Merchants Association Sales yard finger turmeric sold at Rs. 5,299 to 8,033 a quintal, root variety sold at Rs. 5,199 to 7,014. In Nizamabad, a major spot market in AP, the price ended at 5970 Rupees dropped -10 Rupees.Technically now Turmeric is getting support at 6146 and below same could see a test of 6098 level, And resistance is now likely to be seen at 6256, a move above could see prices testing 6318.
Turmeric trading range for the day is 6098-6318.
Turmeric prices dropped tracking lower prices in spot market due to higher supplies and steady demand.
Turmeric farmers and traders have been hit hard by poor sales during peak season.
NCDEX accredited warehouses turmeric stocks gained by 179 tonnes to 2803 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 5970 Rupees dropped -10 Rupees.