Turmeric futures traded on a positive note during Saturday’s trading session on account of continued buying on the exchange.

Dwindling arrivals in the physical market amid gaining demand is leading to rise in prices. Arrivals remained around 8,000 bags per day at the major market of Nizamabad during last week.

The most active NCDEX April contract upon a higher opening at 11343 levels, made an intraday high of 11565 levels, higher than the previous session’s high of 11120 levels.

It made an intraday low at 11343 levels and settled the day at 11565 levels, gaining by 4.00%.

Outlook

Arrivals during the day and the activity in the physical market will be an important factor to watch for. If, arrivals continue to remain on the lower side then prices are expected to maintain its uptrend for the day.

Forward markets commission has said to review turmeric price rise in couple of days

Traders have turned cautious due to the news of monitoring of turmeric prices by regulatory bodies
As of now, the initial margin needed to take long position in Turmeric futures on NCDEX is nearly 33.22 percent

The spot rate at the major market of Nizamabad has gone upto Rs 11,500 per quintal while the spot rate at Erode has gone upto Rs 12,500 per quintal

Crop production for 2010, is expected higher by 30% to 3.85 lakh tonnes but lower carry forward stocks from last year have turned the situation towards stock shortage

Export and domestic demand is good for this spice

For NCDEX April contract volume and open interest has gone down by 85.83% and 4.21%, respectively on Saturday, which indicates a turn to lower side

As per NCDEX updates there are no stocks of Turmeric in its warehouses

Courtesy: Kedia Commodities

Exclusive and reserved reports now open to public

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook