Turmeric yesterday we have seen that market has moved -0.71% due to profit booking after gaining due to the slow progress of the monsoon, which could hit sowing operations and crop output. The total area under cultivation in India, the world's biggest producer and exporter of the yellow spice, is likely to fall 30 percent this season. The states of Andhra Pradesh and Tamil Nadu are expected to receive rains in the next couple of days. Our area has received some rains in the last two-three days but overall movement is very slow and more rains are required for the proper growth of the crop. Reports that sowing in the remaining season is expected to remain low also supported the prices. Rainfall in Nizamabad is 27% lower than the normal as on 11/7/2012. The arrivals in the spot market are reported to be of fine quality, supporting to the prices. Turmeric has been sown in 0.23 lakh hectares in A.P as on 11th July 2012. The arrivals in the Nizamabad mandi stood steady at 4,000 bags. The arrivals in the Erode mandi slumped to 4,000 bags from 7,000 bags. The southern state is the country's biggest turmeric producer. Turmeric production for the year 2011-12 is projected at historical high of 90 lakh bags compared to 69 lakh bags in 2010-11. Sowing operations are moving on a very slow pace in absence of rains. The crop already sown also requires rains for proper growth. In Nizamabad, a major spot market in AP, the price ended at 4635.7 rupees gained by 223 rupees. Market has opened at 5292 & made a low of 5188 versus the day high of 5478. The total volume for the day was at 42800 lots and the open interest was at 19580.Support for turmeric is at 5137 below that could see a test of 5017. Resistance is now seen at 5427 above that could see a resistance of 5597.
Turmeric trading range for the day is 5017-5597.
Turmeric ended lower due to profit booking after gaining due to the slow progress of the monsoon
The states of Andhra Pradesh and Tamil Nadu are expected to receive rains in the next couple of days.
The arrivals in the spot market are reported to be of fine quality, supporting to the prices.
In Nizamabad, a major spot market in AP, the price ended at 4635.7 rupees gained by 223 rupees.
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