Commodity Trading Tips for Turmeric by Kedia Commodity
Turmeric on NCDEX settled down by -0.22% at 6264 due to rising arrivals on the back of increased output. Demand from stockists and masala manufacturers remained weak as they are expecting prices to decline further in view of bumper crop. India's Apr-Dec turmeric export 25% to 85,500 ton on year. Last year, India exported 68,500 ton in the same period. In the Delhi spot market turmeric single polish gattha was traded weak at Rs 7,300-7,400 per quintal on weak 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. Due to monsoon failure, turmeric cultivation has been affected. Some farmers are using open and bore wells, while some others are buying water at exorbitant rates to save their standing turmeric crop, but the yield was very poor. Because of this they incurred heavy cultivation charges. The upcountry demand for turmeric has been very low, as the traders in North India have started sourcing turmeric from other locations such as Assam, Warangal and Nizamabad. In Nizamabad, a major spot market in AP, the price ended at 5981.65 Rupees remains unchanged at0 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 10.38% to settled at 18075 while prices down -14 rupees, now Turmeric is getting support at 6198 and below same could see a test of 6130 level, And resistance is now likely to be seen at 6336, a move above could see prices testing 6406.
Turmeric trading range for the day is 6130-6406.
Turmeric prices dropped due to rising arrivals on the back of increased output.
India's Apr-Dec turmeric export 25% to 85,500 ton on year. Last year, India exported 68,500 ton in the same period.
NCDEX accredited warehouses turmeric stocks gained by 128 tonnes to 2454 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 5981.65 Rupees remains unchanged at0 Rupees.