Commodity Trading Tips for Turmeric by KediaCommodity

Ajay Kumar Kedia 22 August 2013

Turmeric yesterday settled up 1.17% at 5028 due to a drop in local supplies and on fresh export demand. Declining arrivals, overseas as well as domestic demand may support prices at lower levels. North India demand has started rising as traders expect moderate firmness to continue in the coming days. As per market sources, timely rainfall in major turmeric producing states such as Maharashtra, Tamilnadu and Andhra Pradesh led to steady sowing progress of turmeric crop in the current season. In the state of Andhra Pradesh, turmeric sowing had completed in nearly 0.43 lakh hectare as on 07th of August. The futures prices were also pressurized by comfortable stocks in local mandies. Traders estimated the total stocks of around 60-62 lakh bags in the major mandies. This will easily meet up the local demand of turmeric in the next 5-6 months. However, a reported increase in upcountry orders is providing some support. As per market sources, timely rainfall in major turmeric producing states such as Maharashtra, Tamilnadu and Andhra Pradesh led to steady sowing progress of turmeric crop in the current season. In the state of Andhra Pradesh, turmeric sowing had completed in nearly 0.43 lakh hectare as on 07th of August. The futures prices were also pressurized by comfortable stocks in local mandies. Traders estimated the total stocks of around 60-62 lakh bags in the major mandies. This will easily meet up the local demand of turmeric in the next 5-6 months. In Nizamabad, a major spot market in AP, the price ended at 5006 rupees remains unchanged at0 rupees. Now Turmeric is getting support at 4920 and below same could see a test of 4812 level, And resistance is now likely to be seen at 5122, a move above could see prices testing 5216.