Turmeric yesterday we have seen that market has moved -1.05% as fresh supplies from Karnataka started arriving in the market, while prospects of a bumper crop and expected higher supplies this year also weighed.
New arrivals have started coming from Mysore (in Karnataka).
Turmeric cultivation in India usually starts by the end of May and continues until August and a lengthy harvesting season begins in January.
As per market sources, the total production of Turmeric in the current year is likely at 90 lakh bags against 70 lakh bags that were reported last year in the same period.
Moreover, sturdy carryover stocks in major mandis of around 20-22 lakh bags are also witnessing some selling pressure at higher levels.
The arrivals in the Erode mandi were shooting up to 6,000 bags from 2,000 bags. Some demand from North India was there.
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.
In Nizamabad, a major spot market in AP, the price ended at 5022.65 rupees dropped by -12 rupees.
Market has opened at 4602 & made a low of 4514 versus the day high of 4602.
The total volume for the day was at 2605 lots and the open interest was at 10190.Support for Turmeric is at 4502 below that could see a test of 4464.
Resistance is now seen at 4590 above that could see a resistance of 4640.
Trading Ideas:
Turmeric trading range is 4464-4640.
Turmeric fell as fresh supplies from Karnataka started arriving in the market
New arrivals have started coming from Mysore (in Karnataka).
The new crop is expected by mid-February and traders are also reportedly waiting for the new crop arrivals
In Nizamabad, a major spot market in AP, the price ended at 5022.65 rupees dropped by -12 rupees.
Courtesy: Kedia Commodities
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