Commodity Trading Tips for Turmeric by Kedia Commodity
Turmeric on NCDEX settled up 1.37% at 6216 on lower arrivals and steady increase in demand at lower levels. Moreover, rising exports demand at the spot market too fuelled the uptrend. On the export front, country exported about 89,704 tons during April-Jan period, up by 28.3% compared to last year exports of 69,870 tons. Turmeric arrivals in the country is declining in first 20 days in April to 66,025 tonnes (Apr 1-20) compared to 1,15,768 tonnes during the same period in March, as per data. There are expectations of improved demand in coming weeks as prices are lower. At Erode market arrivals were reported at 8000 quintals, higher by 2500 quintals as compared to previous day. At Nizamabad market arrivals were reported at 15000 quintals, lower by 3000 quintals as against previous day. The price of the turmeric is decreasing every day. At the Erode Turmeric Merchants Association Sales yard, the finger turmeric sold at Rs. 5,433 to 7,549 a quintal, the root variety sold at Rs. 5,325 to 7,199. At the Regulated Marketing Committee the finger turmeric sold at Rs. 6,429 to 7,491, root variety sold at Rs. 6,019 to 6,769. 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. Technically market is under short covering as market has witnessed drop in open interest by -0.39% to settled at 20400 while prices up 84 rupees, now Turmeric is getting support at 6119 and below same could see a test of 6021 level, And resistance is now likely to be seen at 6345, a move above could see prices testing 6473.
Turmeric trading range for the day is 6022-6474.
Turmeric prices gained on lower arrivals and steady increase in demand at lower levels.
At Nizamabad market arrivals were reported at 15000 quintals, lower by 3000 quintals as against previous day.
NCDEX accredited warehouses turmeric stocks gained by 209 tonnes to 3417 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 5860 Rupees gained 60 Rupees.