Turmeric yesterday we have seen that market has moved slightly up on some export demand, although expectations of a bumper crop and higher supplies restricted the upside.
Supplies from the new season crop have started coming in the spot market in small quantities and are likely to improve in coming days.
Turmeric cultivation in India usually starts by the end of May and continues until August and a lengthy harvesting season begins in January.
The new crop is expected by mid-February and traders are also reportedly waiting for the new crop arrivals for fresh demand.
Traders feel present rates are very low even as expectations of higher production continuously weighed on the market sentiments.
Higher production prospects and better stocks could however keep pressure on the market sentiments as markets trade with high volatility.
The arrivals in the Erode mandi slipped to 5,000 bags from 10,000 bags. In Nizamabad, a major spot market in AP, the price ended at 4725.1 rupees dropped by -13 rupees.
Market has opened at 4676 & made a low of 4652 versus the day high of 4696.
The total volume for the day was at 1260 lots and the open interest was at 10200.
Support for Turmeric is at 4644 below that could see a test of 4626. Resistance is now seen at 4688 above that could see a resistance of 4714.
Turmeric trading range for the day is 4626-4714.
Turmeric ended up on some export demand, although expectations of a bumper crop restricted the gains
Supplies from the new season crop have started coming in the spot market in small quantities
The new crop is expected by mid-February and traders are also reportedly waiting for the new crop arrivals
Courtesy: Kedia Commodities
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