MCX TURMERIC NEWS : 09.01.2017
Turmeric on NCDEX settled up 0.27% at 6752 on anticipation of rising physical demand at the spot market. However upside seen limited as new season turmeric crop has now entered into the markets in South India. The price of the turmeric is stable for the past two days. Prices fluctuated based on the quality of turmeric. Traders feel the price will decrease soon as they expect bumper crop arrival in Andhra Pradesh, Maharashtra, Assam and Kolkata. Due to adverse seasonal condition and failure of seasonal rains in Tamil Nadu, the production of the spice decreased this year. Around 2,000 bags arrived for sale. One or two lots (each lot contains 15 bags of turmeric) fetched Rs. 8,800 a quintal and the rest were sold for low price. At Nizamabad market arrivals were reported at 2000 quintals, steady as against previous day’s arrival. At Erode market arrivals were reported at 4500 quintals, up by 500 quintals as compared to previous day. At Duggirala market arrivals were reported at 1206 quintals, up by 529 quintals as compared to previous day. Spot turmeric prices decreased at Erode markets due to the arrival of poor and medium quality turmeric. Many traders purchased 65 per cent of the arrived 4,300 bags to fulfil their local traders. Only old turmeric is arriving for sale in all the markets. Technically market is under short covering as market has witnessed drop in open interest by -0.26% to settled at 13225 while prices up 18 rupee, now Turmeric is getting support at 6723 and below same could see a test of 6693 level, And resistance is now likely to be seen at 6771, a move above could see prices testing 6789.
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Turmeric on NCDEX settled up 0.27% at 6752 on anticipation of rising physical demand at the spot market. However upside seen limited as new season turmeric crop has now entered into the markets in South India. The price of the turmeric is stable for the past two days. Prices fluctuated based on the quality of turmeric. Traders feel the price will decrease soon as they expect bumper crop arrival in Andhra Pradesh, Maharashtra, Assam and Kolkata. Due to adverse seasonal condition and failure of seasonal rains in Tamil Nadu, the production of the spice decreased this year. Around 2,000 bags arrived for sale. One or two lots (each lot contains 15 bags of turmeric) fetched Rs. 8,800 a quintal and the rest were sold for low price. At Nizamabad market arrivals were reported at 2000 quintals, steady as against previous day’s arrival. At Erode market arrivals were reported at 4500 quintals, up by 500 quintals as compared to previous day. At Duggirala market arrivals were reported at 1206 quintals, up by 529 quintals as compared to previous day. Spot turmeric prices decreased at Erode markets due to the arrival of poor and medium quality turmeric. Many traders purchased 65 per cent of the arrived 4,300 bags to fulfil their local traders. Only old turmeric is arriving for sale in all the markets. Technically market is under short covering as market has witnessed drop in open interest by -0.26% to settled at 13225 while prices up 18 rupee, now Turmeric is getting support at 6723 and below same could see a test of 6693 level, And resistance is now likely to be seen at 6771, a move above could see prices testing 6789.
