MCX TURMERIC NEWS :11.01.2017

MCX TURMERIC NEWS :11.01.2017


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Turmeric on NCDEX settled down by -2.11% at 6602 as new season turmeric crop has now entered into the markets in South India. Though, some losses were capped on anticipation of rising physical as well as export demand at the spot market. 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. 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. Spot turmeric prices remained static at Erode markets but the traders evinced interest in buying the root variety. Though the prices of both varieties of turmeric did not appreciate, the traders procured good number of root variety without quoting a higher price. They also purchased little quantity of finger turmeric. 2,400 bags arrived for sale and 55 per cent of them were sold. At the Erode Turmeric Merchants Association, the finger variety went for Rs. 5,756-8,888 a quintal; the root variety at Rs. 5,555-7,889. Of the arrival of 1,620 bags, 780 were traded. In Nizamabad, a major spot market in AP, the price ended at 7339.05 rupees dropped -45.15 rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -1.06% to settled at 13115 while prices down -142 rupee, now Turmeric is getting support at 6530 and below same could see a test of 6460 level, And resistance is now likely to be seen at 6702, a move above could see prices testing 6804.