Turmeric On NCDEX Settled Up By 0.62%

Turmeric on NCDEX settled up by 0.62% at 5554 tracking firmness in spot demand amid anticipation of fall in acreage due to lower prices. However upside seen limited as sowing operations are likely to start soon as monsoon is likely to reach many of the producing centers in the coming days.

Farmers are expected to shift cultivation towards sugarcane and other crops for better price realization. Andhra Pradesh government projected 2016-17 turmeric crops at 155,000 ton up from 121,000 ton in the previous year.

The price of turmeric decreased at the week end market. At the Erode Turmeric Merchants Association Sales yard, finger turmeric sold at Rs. 5,899 to Rs. 7,158 a quintal, root variety sold at Rs. 5,489 to Rs. 6341 a quintal. At the Regulated Marketing Committee, finger turmeric sold at Rs. 6,414 to Rs. 7350 a quintal, root variety sold at Rs. 5,403 to Rs. 6341 a quintal. According to sources, 2016-17 output is seen at 7.5 million bags of 70 kg each and with over stock of nearly 3 million bags total availability is expected around 10.5 million bags.

As against this, domestic demand is estimated at 5.5 million bags and export at 2.2 million bags. Country exported 97,596 ton turmeric during April-Feb up 26.6% compared to last year exports of 77,087 ton. In Nizamabad, a major spot market in AP, the price ended at 5513.65 Rupees dropped -11.35 Rupees.

Technically market is under fresh buying as market has witnessed gain in open interest by 3.99% to settled at 15620 while prices up 34 rupees, now Turmeric is getting support at 5514 and below same could see a test of 5476 level, And resistance is now likely to be seen at 5590, a move above could see prices testing 5628.
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