NCDEX TURMERIC UPDATE

Turmeric settled up by 0.73% at 9896 due to good upcountry demand at the spot market. New turmeric is expected to arrive in market in February end. There is concern over production due to heavy rains during Nov-Dec in south India but the prices may remain little lower as trader may wait for new season crop in next one month. Deficient rainfall in during early part of sowing in major Turmeric growing regions of Maharashtra and Karnataka may reduce the yield. As per dept of commerce data, turmeric exports till September, 2015 pegged at 50,916 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 9770-10062.
Turmeric prices gained due to good upcountry demand at the spot market.
New turmeric is expected to arrive in market in February end.
Sources also stated that around 27-28 lakh bags of total stocks have been reported in local mandies.
In Nizamabad, a major spot market in AP, the price ended at 9525 rupees gained 2.3 rupees.

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