MCX TURMERIC NEWS : 04.01.2017
Turmeric on NCDEX settled up by 0.18% at 6776 due to rising demand at the spot market, despite of arrivals of inferior quality turmeric from the producing belts. 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 Erode market, arrivals were reported at 1500 quintals, higher by 500 quintals from previous day’s arrivals. At Nizamabad market, arrivals were reported at 1100 quintals, down by 100 quintals from previous trading day. The new turmeric crop has started arriving in the spot market of Nizamabad in Telangana this week, with an average of 50-150 bags (1 bag = 70 kg) coming into the market per day. The fresh arrivals are coming from the Armoor town in the Nizamabad district. The new harvest is of "relatively poor quality" as compared to the fair average quality turmeric traded on the National Commodity and Derivatives Exchange. In Nizamabad, a major spot market in AP, the price ended at 7559.4 rupees gained 26.05 rupees.Technically now Turmeric is getting support at 6732 and below same could see a test of 6688 level, And resistance is now likely to be seen at 6808, a move above could see prices testing 6840.
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Turmeric on NCDEX settled up by 0.18% at 6776 due to rising demand at the spot market, despite of arrivals of inferior quality turmeric from the producing belts. 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 Erode market, arrivals were reported at 1500 quintals, higher by 500 quintals from previous day’s arrivals. At Nizamabad market, arrivals were reported at 1100 quintals, down by 100 quintals from previous trading day. The new turmeric crop has started arriving in the spot market of Nizamabad in Telangana this week, with an average of 50-150 bags (1 bag = 70 kg) coming into the market per day. The fresh arrivals are coming from the Armoor town in the Nizamabad district. The new harvest is of "relatively poor quality" as compared to the fair average quality turmeric traded on the National Commodity and Derivatives Exchange. In Nizamabad, a major spot market in AP, the price ended at 7559.4 rupees gained 26.05 rupees.Technically now Turmeric is getting support at 6732 and below same could see a test of 6688 level, And resistance is now likely to be seen at 6808, a move above could see prices testing 6840.
