MCX TURMERIC NEWS : 12.01.2017
Turmeric on NCDEX settled up by 0.09% at 6608 on anticipation of rising physical as well as export demand at the spot market. However upside seen limited as new season turmeric crop has now entered into the markets in South India. Turmeric output is seen higher at 7 million bags thanks to higher sowing and favorable weather conditions. Prevailing high prices encouraged farmers to plant more turmeric this year. Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on turmeric prices at higher levels. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. India exported about 51,147 ton in 2016-17 until August which is up by 32% compared to last year in the corresponding period of 38,761 ton, as per the data released by Department of Commerce. At Nizamabad market, estimated market supply was at 1500 quintals, higher by 400 quintals from previous day’s arrivals. At Warangal market, estimated market supply was at 150 bags, steady as against previous day’s arrival. Spot turmeric prices decreased at Erode markets as only medium and poor quality produce arrived for sale. The arrivals increased, but the sale remains at 60 per cent. This is due to the arrival of medium and poor quality turmeric. Around 3,200 bags arrived for sale and 50 per cent of the stocks were sold. In Nizamabad, a major spot market in AP, the price ended at 7312.5 rupees dropped -26.55 rupees.Technically market is under short covering as market has witnessed drop in open interest by -2.21% to settled at 12825 while prices up 6 rupee, now Turmeric is getting support at 6578 and below same could see a test of 6548 level, And resistance is now likely to be seen at 6652, a move above could see prices testing 6696.
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Turmeric on NCDEX settled up by 0.09% at 6608 on anticipation of rising physical as well as export demand at the spot market. However upside seen limited as new season turmeric crop has now entered into the markets in South India. Turmeric output is seen higher at 7 million bags thanks to higher sowing and favorable weather conditions. Prevailing high prices encouraged farmers to plant more turmeric this year. Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on turmeric prices at higher levels. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. India exported about 51,147 ton in 2016-17 until August which is up by 32% compared to last year in the corresponding period of 38,761 ton, as per the data released by Department of Commerce. At Nizamabad market, estimated market supply was at 1500 quintals, higher by 400 quintals from previous day’s arrivals. At Warangal market, estimated market supply was at 150 bags, steady as against previous day’s arrival. Spot turmeric prices decreased at Erode markets as only medium and poor quality produce arrived for sale. The arrivals increased, but the sale remains at 60 per cent. This is due to the arrival of medium and poor quality turmeric. Around 3,200 bags arrived for sale and 50 per cent of the stocks were sold. In Nizamabad, a major spot market in AP, the price ended at 7312.5 rupees dropped -26.55 rupees.Technically market is under short covering as market has witnessed drop in open interest by -2.21% to settled at 12825 while prices up 6 rupee, now Turmeric is getting support at 6578 and below same could see a test of 6548 level, And resistance is now likely to be seen at 6652, a move above could see prices testing 6696.
