Commodity Trading Tips for Turmeric by KediaCommodity

Ajay Kumar Kedia 22 July 2014

Turmeric settled up 0.03% at 6580 on improved demand at lower levels supported the sentiments. Emerging spot demand, restricted arrivals of quality turmeric and next year crop concern also supported prices. However improved weather conditions in the growing areas in AP and TN limited the upside. Hybrid turmeric prices increased due to higher demand. Better quality also helped growers fetch higher price for the variety. Many traders expected some fresh demand from North India, but that has not happened in Erode. Hence, they quoted a lower price. They are expecting fresh orders in September. But the demand for the hybrid finger turmeric has increased and so the traders after inspecting the hybrid turmeric quoted increased price, have purchased all the 150 bags. This is due to its quality. In Nizamabad Total arrivals are at 2000 quintals, down by 500 quintals as compared to previous day. In Sangli estimated market supply was at 500 quintals, lower by 300 quintals from previous day's arrivals. Some demand is likely to come in for all grades at lower levels as stockiest are likely to hoard and sale when exporters move into the market. After some days quality turmeric arrived for sale and the traders quoted higher price and procured the turmeric to fulfil their local orders. In Nizamabad, a major spot market in AP, the price ended at 6168.4 rupees gained 72.95 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 2.25% to settled at 11570 while prices up 2 rupee, now Turmeric is getting support at 6527 and below same could see a test of 6457 level, And resistance is now likely to be seen at 6671, a move above could see prices testing 6745.