Turmeric yesterday we have seen that market has moved -0.04% as prospects of a bumper crop and higher supplies restricted the gains.
Supplies in Turmeric will gain pace after a few weeks.
Turmeric cultivation in India usually starts by the end of May and continues until August and a lengthy harvesting season begins in January.
Turmeric exports in April-November rose 63 percent to 58,000 tonnes.
Turmeric production for the year 2011-12 is projected at historical high of 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010- 11.
Erode is expected to produce45 lakh bags of turmeric a rise of 29% as compared to previous year.
According to Spices Board of India, exports of Turmeric during April 2011- November 2011 stood at 58,000 tonnes as compared to 35500 tonnes in 2010-11, rise of 56%.
In Nizamabad, a major spot market in AP, the price ended at 5034.65 rupees gained by 62.65 rupees. Market has opened at 4574 & made a low of 4574 versus the day high of 4650.
The total volume for the day was at 2520 lots and the open interest was at 10150.Support for Turmeric is at 4558 below that could see a test of 4528.
Resistance is now seen at 4634 above that could see a resistance of 4680.
Trading Ideas:
Turmeric trading range is 4528-4680.
Turmeric settled flat as prospects of a bumper crop and higher supplies restricted the gains
Turmeric exports in April-November rose 63 percent to 58,000 tonnes
Turmeric cultivation in India usually starts by the end of May and continues until August
In Nizamabad, a major spot market in AP, the price ended at 5034.65 rupees gained by 62.65 rupees.
Courtesy: Kedia Commodities
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