Turmeric yesterday we have seen that market has moved 1.78% due to short covering amid lower arrivals and domestic buying supported the prices.
Turmeric cultivation in India usually starts by the end of May and continues until August and a lengthy harvesting season begins in January.
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.
According to market sources, turmeric price in the Nizamabad mandi stood steady at Rs 5,100 per quintal.
The arrivals in the Nizamabad mandi slipped to 2,500 bags from 4,000 bags. Rising demand for good quality finger Turmeric is likely to support the trend across the spot markets.
Attractive exports are also adding to the upsurge in prices.
Traders are expecting full fledged arrivals might start by February end.
In Nizamabad, a major spot market in AP, the price ended at 4929.8 rupees dropped by -92.85 rupees.
Market has opened at 4462 & made a low of 4462 versus the day high of 4638.
The total volume for the day was at 4845 lots and the open interest was at 10085.
Support for Turmeric is at 4470 below that could see a test of 4378. Resistance is now seen at 4646 above that could see a resistance of 4730.
Trading Ideas:
Turmeric trading range is 4378-4730.
Turmeric ended with gains due to short covering amid lower arrivals and domestic buying supported the prices
The total production of turmeric in the current year is likely at 90 lakh bags
Rising demand for good quality finger Turmeric is likely to support the trend across the spot markets
In Nizamabad, a major spot market in AP, the price ended at 4929.8 rupees dropped by -92.85 rupees.
Courtesy: Kedia Commodities
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