Wednesday, 18 November 2015

NCDEX TURMERIC MARKET UPDATE

Turmeric settled down by -0.67% at 9856 due to arrival of medium quality turmeric at the spot market. However, some losses were capped by active buying support from stockiest in the spot market in order to meet their future requirement and incidence of diseases found in patches of turmeric fields in the Salem district and in nearby districts of Tamil Nadu along with a yield reduction. Good rains in second part of September in southern peninsula region may enhance the turmeric production and quality but lower area in Telangana may reduce production this year. As per dept of commerce data, turmeric exports during April-Aug, 2015 pegged at 38,774 tonnes while the export for the 2014-15 is 90,738 tonnes compared to 78,360 tonnes in FY14. As on latest sowing data, turmeric sowing In AP, is recorded at 15,864 hectares increase over last years’ acreage as well normal sowing area progress however in Telangana, the sowing area is lower than the normal sowing area at 40,823 hac compared to 43,470 hac last year.
Trading Ideas:
Turmeric trading range for the day is 9654-10190.
Turmeric prices edged lower due to arrival of medium quality turmeric at the spot market.
However, some losses were capped by active buying support from stockiest in the spot market.
As per data, turmeric exports during April-Aug, 2015 pegged at 38,774 tonnes while the export for the 2014-15 is 90,738 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 9742.5 rupees gained 78.85 rupees.

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