Thursday, 26 November 2015

Turmeric Market News

Turmeric settled down -3.99% at 9424 due to lower upcountry demand at the spot market. Though, some losses were capped as traders are keen in buying the quality turmeric, and arrival of quality turmeric from the producing belts. As per latest sowing data from various state departments, turmeric sowing in Andhra Pradesh was 15,753 hectares, an increase over last year’s acreage but well below the normal sowing area of over 19,000 hectares. In Telangana, turmeric has been planted in 40,823 hectares, about 17 per cent lower than the normal sowing area. Similarly in Maharashtra and Karnataka the acreage dropped by about 25-30 per cent to 7,000 hectares and 12,000 hectares respectively. However, due to better irrigation facilities and sufficient rains, acreage in Tamil Nadu increased by 10-12 per cent compared to last year to over 50,000 hectares. The traders are keen in buying the quality turmeric and so grower brought quality turmeric for sale.


Trading Ideas:
Turmeric trading range for the day is 9140-9992.
Turmeric prices ended with losses due to lower upcountry demand at the spot market.
Though, some losses were capped as traders are keen in buying the quality turmeric, and arrival of quality turmeric from the producing belts.
NCDEX accredited warehouses turmeric stocks dropped by 526 tonnes to 5043 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 9745 rupees dropped -78.8 rupees.

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